Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2021 | Feb. 10, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2021 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Transition Report | false | |
Entity File Number | 0-25165 | |
Entity Registrant Name | GREENE COUNTY BANCORP, INC. | |
Entity Central Index Key | 0001070524 | |
Entity Incorporation, State or Country Code | X1 | |
Entity Tax Identification Number | 14-1809721 | |
Entity Address, Address Line One | 302 Main Street | |
Entity Address, City or Town | Catskill | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 12414 | |
City Area Code | 518 | |
Local Phone Number | 943-2600 | |
Title of 12(b) Security | Common Stock, $0.10 par value | |
Trading Symbol | GCBC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,513,414 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
ASSETS | ||
Cash and due from banks | $ 63,518 | $ 149,765 |
Federal funds sold | 10 | 10 |
Total cash and cash equivalents | 63,528 | 149,775 |
Long term certificates of deposit | 4,362 | 4,553 |
Securities available-for-sale, at fair value | 401,624 | 390,890 |
Securities held-to-maturity, at amortized cost (fair value $684,255 at December 31, 2021; $519,042 at June 30, 2021) | 666,294 | 496,914 |
Equity securities, at fair value | 292 | 307 |
Federal Home Loan Bank stock, at cost | 2,891 | 1,091 |
Loans | 1,145,196 | 1,108,408 |
Allowance for loan losses | (21,684) | (19,668) |
Unearned origination fees and costs, net | (547) | (2,793) |
Net loans receivable | 1,122,965 | 1,085,947 |
Premises and equipment, net | 13,985 | 14,137 |
Bank owned life insurance | 50,541 | 40,425 |
Accrued interest receivable | 8,392 | 7,781 |
Foreclosed real estate | 0 | 64 |
Prepaid expenses and other assets | 10,214 | 8,451 |
Total assets | 2,345,088 | 2,200,335 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Noninterest-bearing deposits | 179,777 | 174,114 |
Interest-bearing deposits | 1,893,580 | 1,830,994 |
Total deposits | 2,073,357 | 2,005,108 |
Borrowings from Federal Home Loan Bank, short-term | 40,000 | 0 |
Borrowings from other banks, short-term | 0 | 3,000 |
Subordinated notes payable, net | 49,217 | 19,644 |
Accrued expenses and other liabilities | 22,531 | 22,999 |
Total liabilities | 2,185,105 | 2,050,751 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, Authorized - 1,000,000 shares; Issued - None | 0 | 0 |
Common stock, par value $0.10 per share; Authorized - 12,000,000 shares; Issued - 8,611,340; Outstanding - 8,513,414 shares at December 31, 2021, and June 30, 2021 | 861 | 861 |
Additional paid-in capital | 11,017 | 11,017 |
Retained earnings | 152,746 | 139,775 |
Accumulated other comprehensive loss | (3,733) | (1,161) |
Treasury stock, at cost 97,926 shares at December 31, 2021, and June 30, 2021 | (908) | (908) |
Total shareholders' equity | 159,983 | 149,584 |
Total liabilities and shareholders' equity | $ 2,345,088 | $ 2,200,335 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
ASSETS | ||
Securities held-to-maturity, fair value | $ 684,255 | $ 519,042 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 12,000,000 | 12,000,000 |
Common stock, shares issued (in shares) | 8,611,340 | 8,611,340 |
Common stock, shares outstanding (in shares) | 8,513,414 | 8,513,414 |
Treasury stock, shares (in shares) | 97,926 | 97,926 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income: | ||||
Loans | $ 11,990 | $ 11,766 | $ 24,057 | $ 21,958 |
Investment securities - taxable | 330 | 182 | 673 | 326 |
Mortgage-backed securities | 1,199 | 1,020 | 2,269 | 2,040 |
Investment securities - tax exempt | 2,253 | 1,960 | 4,344 | 3,935 |
Interest-bearing deposits and federal funds sold | 39 | 21 | 81 | 28 |
Total interest income | 15,811 | 14,949 | 31,424 | 28,287 |
Interest expense: | ||||
Interest on deposits | 849 | 1,053 | 1,697 | 2,442 |
Interest on borrowings | 509 | 287 | 875 | 420 |
Total interest expense | 1,358 | 1,340 | 2,572 | 2,862 |
Net interest income | 14,453 | 13,609 | 28,852 | 25,425 |
Provision for loan losses | 1,280 | 1,262 | 2,268 | 2,505 |
Net interest income after provision for loan losses | 13,173 | 12,347 | 26,584 | 22,920 |
Noninterest income: | ||||
Service charges on deposit accounts | 1,158 | 934 | 2,227 | 1,740 |
Debit card fees | 1,107 | 917 | 2,190 | 1,810 |
Investment services | 278 | 216 | 491 | 377 |
E-commerce fees | 27 | 28 | 60 | 57 |
Bank owned life insurance | 315 | 0 | 616 | 0 |
Other operating income | 353 | 299 | 583 | 488 |
Total noninterest income | 3,238 | 2,394 | 6,167 | 4,472 |
Noninterest expense: | ||||
Salaries and employee benefits | 5,034 | 4,771 | 9,771 | 9,178 |
Occupancy expense | 573 | 464 | 1,078 | 979 |
Equipment and furniture expense | 231 | 164 | 387 | 315 |
Service and data processing fees | 650 | 671 | 1,288 | 1,284 |
Computer software, supplies and support | 394 | 327 | 772 | 633 |
Advertising and promotion | 98 | 109 | 199 | 220 |
FDIC insurance premiums | 201 | 174 | 421 | 348 |
Legal and professional fees | 421 | 319 | 817 | 595 |
Other | 735 | 541 | 1,565 | 1,121 |
Total noninterest expense | 8,337 | 7,540 | 16,298 | 14,673 |
Income before provision for income taxes | 8,074 | 7,201 | 16,453 | 12,719 |
Provision for income taxes | 1,197 | 1,006 | 2,462 | 1,649 |
Net income | $ 6,877 | $ 6,195 | $ 13,991 | $ 11,070 |
Basic earnings per share (in dollars per share) | $ 0.81 | $ 0.73 | $ 1.64 | $ 1.30 |
Diluted earnings per share (in dollars per share) | $ 0.81 | $ 0.73 | $ 1.64 | $ 1.30 |
Basic average shares outstanding (in shares) | 8,513,414 | 8,513,414 | 8,513,414 | 8,513,414 |
Diluted average shares outstanding (in shares) | 8,513,414 | 8,513,414 | 8,513,414 | 8,513,414 |
Dividends per share (in dollars per share) | $ 0.13 | $ 0.12 | $ 0.26 | $ 0.24 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net Income | $ 6,877 | $ 6,195 | $ 13,991 | $ 11,070 |
Other comprehensive loss: | ||||
Unrealized holding losses on available-for-sale securities, gross | (1,662) | (11) | (3,510) | (268) |
Tax effect | (444) | (3) | (938) | (70) |
Total other comprehensive loss, net of taxes | (1,218) | (8) | (2,572) | (198) |
Comprehensive income | $ 5,659 | $ 6,187 | $ 11,419 | $ 10,872 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Total |
Balance at Jun. 30, 2020 | $ 861 | $ 11,017 | $ 118,263 | $ (428) | $ (908) | $ 128,805 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared | (941) | (941) | ||||
Net Income | 11,070 | 11,070 | ||||
Other comprehensive loss, net of taxes | (198) | (198) | ||||
Balance at Dec. 31, 2020 | 861 | 11,017 | 128,392 | (626) | (908) | 138,736 |
Balance at Sep. 30, 2020 | 861 | 11,017 | 122,670 | (618) | (908) | 133,022 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared | (473) | (473) | ||||
Net Income | 6,195 | 6,195 | ||||
Other comprehensive loss, net of taxes | (8) | (8) | ||||
Balance at Dec. 31, 2020 | 861 | 11,017 | 128,392 | (626) | (908) | 138,736 |
Balance at Jun. 30, 2021 | 861 | 11,017 | 139,775 | (1,161) | (908) | 149,584 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared | (1,020) | (1,020) | ||||
Net Income | 13,991 | 13,991 | ||||
Other comprehensive loss, net of taxes | (2,572) | (2,572) | ||||
Balance at Dec. 31, 2021 | 861 | 11,017 | 152,746 | (3,733) | (908) | 159,983 |
Balance at Sep. 30, 2021 | 861 | 11,017 | 146,381 | (2,515) | (908) | 154,836 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared | (512) | (512) | ||||
Net Income | 6,877 | 6,877 | ||||
Other comprehensive loss, net of taxes | (1,218) | (1,218) | ||||
Balance at Dec. 31, 2021 | $ 861 | $ 11,017 | $ 152,746 | $ (3,733) | $ (908) | $ 159,983 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net Income | $ 13,991 | $ 11,070 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 414 | 361 |
Deferred income tax benefit | 378 | 66 |
Net amortization of investment premiums and discounts | 1,720 | 1,643 |
Net accretion amortization of deferred loan costs and fees | (2,591) | (1,223) |
Amortization of subordinated debt issuance costs | 72 | 25 |
Provision for loan losses | 2,268 | 2,505 |
Bank owned life insurance income | (616) | 0 |
Net loss (gain) on equity securities | 15 | (24) |
Gain on sale of foreclosed real estate | (11) | 0 |
Net decrease in accrued income taxes | (354) | (967) |
Net increase in accrued interest receivable | (611) | (268) |
Net increase in prepaid expenses and other assets | (848) | (1,584) |
Net decrease in other liabilities | (469) | (256) |
Net cash provided by operating activities | 13,358 | 11,348 |
Securities available-for-sale: | ||
Proceeds from maturities | 131,136 | 105,424 |
Purchases of securities | (157,113) | (220,194) |
Principal payments on securities | 10,835 | 8,352 |
Securities held-to-maturity: | ||
Proceeds from maturities | 22,288 | 17,136 |
Purchases of securities | (202,218) | (76,035) |
Principal payments on securities | 9,739 | 32,899 |
Net (purchase) redemption of Federal Home Loan Bank Stock | (1,800) | 68 |
Maturity of long term certificates of deposit | 180 | 245 |
Purchase of long term certificates of deposit | 0 | (268) |
Purchase of bank owned life insurance | (9,500) | 0 |
Net increase in loans receivable | (36,695) | (39,553) |
Proceeds from sale of foreclosed real estate | 75 | 0 |
Purchases of premises and equipment | (262) | (755) |
Net cash used by investing activities | (233,335) | (172,681) |
Cash flows from financing activities: | ||
Net increase in short-term FHLB advances | 40,000 | 0 |
Net decrease in short-term advances other banks | (3,000) | (17,884) |
Repayment of long-term FHLB advances | 0 | (1,500) |
Net proceeds from subordinated notes payable | 29,501 | 19,576 |
Payment of cash dividends | (1,020) | (941) |
Net increase in deposits | 68,249 | 178,643 |
Net cash provided by financing activities | 133,730 | 177,894 |
Net (decrease) increase in cash and cash equivalents | (86,247) | 16,561 |
Cash and cash equivalents at beginning of period | 149,775 | 40,463 |
Cash and cash equivalents at end of period | 63,528 | 57,024 |
Non-cash investing activities: | ||
Foreclosed loans transferred to foreclosed real estate | 0 | 300 |
Cash paid during period for: | ||
Interest | 2,283 | 2,614 |
Income taxes | $ 2,438 | $ 2,616 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Dec. 31, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | (1) Basis of Presentation Within the accompanying unaudited consolidated statement of financial condition, and related notes to the consolidated financial statements, June 30, 2021 data was derived from the audited consolidated financial statements of Greene County Bancorp, Inc. (the “Company”) and its wholly owned subsidiaries, The Bank of Greene County (the “Bank”) and Greene Risk Management, Inc., and the Bank’s wholly owned subsidiaries, Greene County Commercial Bank and Greene Property Holdings, Ltd. The consolidated financial statements at and for the three and six months ended December 31, 2021 and 2020 are unaudited. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. To the extent that information and notes required by GAAP for complete financial statements are contained in or are consistent with the audited financial statements incorporated by reference to Greene County Bancorp, Inc.’s Annual Report on Form 10-K for the year ended June 30, 2021, such information and notes have not been duplicated herein. In the opinion of management, all adjustments (consisting of only normal recurring items) necessary for a fair presentation of the financial position and results of operations and cash flows at and for the periods presented have been included. The Company had no material reclassifications from amounts in the prior year’s consolidated financial statements to conform to the current year’s presentation. All material inter-company accounts and transactions have been eliminated in the consolidation. The results of operations and other data for the three and six months ended December 31, 2021 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2022. These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued and should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K. CRITICAL ACCOUNTING POLICIES Greene County Bancorp, Inc.’s critical accounting policies relate to the allowance for loan losses. The allowance for loan losses is based on management’s estimation of an amount that is intended to absorb losses in the existing portfolio. The allowance for loan losses is established through a provision for loan losses based on management’s evaluation of the risk inherent in the loan portfolio, the composition of the portfolio, specific impaired loans and current economic conditions. Such evaluation, which includes a review of all loans for which full collectability may not be reasonably assured, considers among other matters, the estimated net realizable value or the fair value of the underlying collateral, economic conditions, historical loan loss experience, management’s estimate of probable credit losses and other factors that warrant recognition in providing for the allowance of loan losses. However, this evaluation involves a high degree of complexity and requires management to make subjective judgments that often require assumptions or estimates about highly uncertain matters. This critical accounting policy and its application are periodically reviewed with the Audit Committee and the Board of Directors. |
Nature of Operations
Nature of Operations | 6 Months Ended |
Dec. 31, 2021 | |
Nature of Operations [Abstract] | |
Nature of Operations | (2) Nature of Operations Greene County Bancorp, Inc.’s primary business is the ownership and operation of its subsidiaries, The Bank of Greene County and Greene Risk Management, Inc. The Bank of Greene County has 17 full-service offices and an operations center and lending center located in its market area within the Hudson Valley and Capital District Regions of New York State. The Bank of Greene County is primarily engaged in the business of attracting deposits from the general public in The Bank of Greene County’s market area, and investing such deposits, together with other sources of funds, in loans and investment securities. Greene County Commercial Bank’s primary business is to attract deposits from, and provide banking services to, local municipalities. Greene Property Holdings, Ltd. was formed as a New York corporation that has elected under the Internal Revenue Code to be a real estate investment trust. Currently, certain mortgages and loan notes held by The Bank of Greene County are transferred and beneficially owned by Greene Property Holdings, Ltd. The Bank of Greene County continues to service these loans. Greene Risk Management, Inc. was formed in December 2014 as a pooled captive insurance company subsidiary of Greene County Bancorp, Inc., incorporated in the State of Nevada. The purpose of this company is to provide additional insurance coverage for the Company and its subsidiaries related to the operations of the Company for which insurance may not be economically feasible. |
Use of Estimates
Use of Estimates | 6 Months Ended |
Dec. 31, 2021 | |
Use of Estimates [Abstract] | |
Use of Estimates | (3) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and the assessment of other-than-temporary security impairment. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses (the “Allowance”) may be necessary, based on changes in economic conditions, asset quality or other factors. In addition, various regulatory authorities, as an integral part of their examination process, periodically review the Allowance. Such authorities may require the Company to recognize additions to the Allowance based on their judgments of information available to them at the time of their examination. Greene County Bancorp, Inc. makes an assessment to determine whether there have been any events or economic circumstances to indicate that a security on which there is an unrealized loss is impaired on an other-than-temporary basis. The Company considers many factors including the severity and duration of the impairment; the intent and ability of the Company to hold the security for a period of time sufficient for a recovery in value; recent events specific to the issuer or industry; and for debt securities, intent to sell the security, whether it is more likely than not we will be required to sell the security before recovery, whether loss is expected, external credit ratings and recent downgrades. Securities on which there is an unrealized loss that is deemed to be other-than-temporary are written down to fair value through earnings. |
Securities
Securities | 6 Months Ended |
Dec. 31, 2021 | |
Securities [Abstract] | |
Securities | (4) Securities Securities at December 31, 2021 consisted of the following: (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available-for-sale: U.S. government sponsored enterprises $ 13,073 $ 5 $ 308 $ 12,770 U.S. treasury securities 19,621 21 109 19,533 State and political subdivisions 219,758 91 6 219,843 Mortgage-backed securities-residential 33,432 189 214 33,407 Mortgage-backed securities-multi-family 115,769 420 3,203 112,986 Corporate debt securities 3,007 83 5 3,085 Total securities available-for-sale 404,660 809 3,845 401,624 Securities held-to-maturity: U.S. treasury securities 10,943 - 117 10,826 State and political subdivisions 446,852 16,330 644 462,538 Mortgage-backed securities-residential 22,945 442 97 23,290 Mortgage-backed securities-multi-family 169,615 3,276 1,323 171,568 Corporate debt securities 15,884 157 63 15,978 Other securities 55 - - 55 Total securities held-to-maturity 666,294 20,205 2,244 684,255 Total securities $ 1,070,954 $ 21,014 $ 6,089 $ 1,085,879 Securities at June 30, 2021 consisted of the following: (In thousands) Amortized Cost Gross Unrealized Gross Unrealized Estimated Fair Value Securities available-for-sale: U.S. government sponsored enterprises $ 13,079 $ 36 $ 212 $ 12,903 U.S. treasury securities 19,672 165 1 19,836 State and political subdivisions 200,436 220 - 200,656 Mortgage-backed securities-residential 34,861 287 167 34,981 Mortgage-backed securities-multi-family 119,359 1,042 994 119,407 Corporate debt securities 3,008 129 30 3,107 Total securities available-for-sale 390,415 1,879 1,404 390,890 Securities held-to-maturity: U.S. treasury securities 10,938 28 2 10,964 State and political subdivisions 341,364 17,184 303 358,245 Mortgage-backed securities-residential 28,450 584 90 28,944 Mortgage-backed securities-multi-family 100,330 4,635 12 104,953 Corporate debt securities 9,892 111 65 9,938 Other securities 5,940 58 - 5,998 Total securities held-to-maturity 496,914 22,600 472 519,042 Total securities $ 887,329 $ 24,479 $ 1,876 $ 909,932 Greene County Bancorp, Inc.’s current policies generally limit securities investments to U.S. Government and securities of government sponsored enterprises, federal funds sold, municipal bonds, corporate debt obligations, subordinated debt of banks and certain mutual funds. In addition, the Company’s policies permit investments in mortgage-backed securities, including securities issued and guaranteed by Fannie Mae, Freddie Mac, and GNMA, and collateralized mortgage obligations issued by these entities. At December 31, 2021, all mortgage-backed securities including collateralized mortgage obligations were securities of government sponsored enterprises, no private-label mortgage-backed securities or collateralized mortgage obligations were held in the securities portfolio. The Company’s investments in state and political subdivisions securities generally are municipal obligations that are general obligations supported by the general taxing authority of the issuer, and in some cases are insured. The obligations issued by school districts are supported by state aid. Primarily, these investments are issued by municipalities within New York State. The Company’s current securities investment strategy utilizes a risk management approach of diversified investing among three categories: short-, intermediate- and long-term. The emphasis of this approach is to increase overall investment securities yields while managing interest rate risk. The Company will only invest in high quality securities as determined by management’s analysis at the time of purchase. The Company generally does not engage in any derivative or hedging transactions, such as interest rate swaps or caps. The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2021. Less Than 12 Months More Than 12 Months Total (In thousands, except number of securities) Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Number of Securities available-for-sale: U.S. government sponsored enterprises $ 6,088 $ 105 3 $ 4,797 $ 203 1 $ 10,885 $ 308 4 U.S. treasury securities 17,592 109 6 - - - 17,592 109 6 State and political subdivisions 43,224 6 34 - - - 43,224 6 34 Mortgage-backed securities-residential 22,885 214 8 - - - 22,885 214 8 Mortgage-backed securities-multi-family 82,027 2,505 32 12,613 698 5 94,640 3,203 37 Corporate debt securities 495 5 1 - - - 495 5 1 Total securities available-for-sale 172,311 2,944 84 17,410 901 6 189,721 3,845 90 Securities held-to-maturity: U.S. treasury securities 10,826 117 4 - - - 10,826 117 4 State and political subdivisions 81,640 640 344 188 4 1 81,828 644 345 Mortgage-backed securities-residential 11,622 97 2 - - - 11,622 97 2 Mortgage-backed securities-multi-family 80,311 1,323 24 - - - 80,311 1,323 24 Corporate debt securities 2,735 51 3 488 12 1 3,223 63 4 Total securities held-to-maturity 187,134 2,228 377 676 16 2 187,810 2,244 379 Total securities $ 359,445 $ 5,172 461 $ 18,086 $ 917 8 $ 377,531 $ 6,089 469 The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2021. Less Than 12 Months More Than 12 Months Total (In thousands, except number of securities) Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Securities available-for-sale: U.S. government sponsored enterprises $ 6,787 $ 212 2 $ - $ - - $ 6,787 $ 212 2 U.S. treasury securities 1,970 1 1 - - - 1,970 1 1 Mortgage-backed securities-residential 19,071 167 4 - - - 19,071 167 4 Mortgage-backed securities-multi-family 59,176 933 21 2,469 61 1 61,645 994 22 Corporate debt securities 970 30 1 - - - 970 30 1 Total securities available-for-sale 87,974 1,343 29 2,469 61 1 90,443 1,404 30 Securities held-to-maturity: U.S. treasury securities 1,991 2 1 - - - 1,991 2 1 State and political subdivisions 42,751 303 76 - - - 42,751 303 76 Mortgage-backed securities-residential 12,839 90 2 - - - 12,839 90 2 Mortgage-backed securities-multi-family 3,890 12 3 - - - 3,890 12 3 Corporate debt securities 2,506 36 2 471 29 1 2,977 65 3 Total securities held-to-maturity 63,977 443 84 471 29 1 64,448 472 85 Total securities $ 151,951 $ 1,786 113 $ 2,940 $ 90 2 $ 154,891 $ 1,876 115 When the fair value of a held-to-maturity or available-for-sale security is less than its amortized cost basis, an assessment is made as to whether other-than-temporary impairment (“OTTI”) is present. The Company considers numerous factors when determining whether a potential OTTI exists and the period over which the debt security is expected to recover. The principal factors considered are (1) the length of time and the extent to which the fair value has been less than the amortized cost basis, (2) the financial condition of the issuer (and guarantor, if any) and adverse conditions specifically related to the security, industry or geographic area, (3) failure of the issuer of the security to make scheduled interest or principal payments, (4) any changes to the rating of the security by a rating agency, and (5) the presence of credit enhancements, if any, including the guarantee of the federal government or any of its agencies. For debt securities, OTTI is considered to have occurred if (1) the Company intends to sell the security before recovery of its amortized cost basis, (2) it is more likely than not the Company will be required to sell the security before recovery of its amortized cost basis, or (3) if the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. In determining the present value of expected cash flows, the Company discounts the expected cash flows at the effective interest rate implicit in the security at the date of acquisition. In estimating cash flows expected to be collected, the Company uses available information with respect to security prepayment speeds, default rates and severity. In determining whether OTTI has occurred for equity securities, the Company considers the applicable factors described above and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. For debt securities, credit-related OTTI is recognized in earnings while noncredit related OTTI on securities not expected to be sold is recognized in other comprehensive income/loss (“OCI”). Credit-related OTTI is measured as the difference between the present value of an impaired security’s expected cash flows and its amortized cost basis. Noncredit-related OTTI is measured as the difference between the fair value of the security and its amortized cost less any credit-related losses recognized. For securities classified as held-to-maturity, the amount of OTTI recognized in OCI is accreted to the credit-adjusted expected cash flow amounts of the securities over future periods. For equity securities, the entire amount of OTTI is recognized in earnings. Management evaluated securities considering the factors as outlined above, and based on this evaluation the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2021. There were no transfers of securities available-for-sale to held-to-maturity during the three and six months ended December 31, 2021 or 2020. During the three and six months ended December 31, 2021 and 2020, there were no sales of securities and no gains or losses were recognized. There was no other-than-temporary impairment loss recognized during the three and six months ended December 31, 2021 and 2020. The estimated fair values of debt securities at December 31, 2021, by contractual maturity are shown below. Expected maturities may differ from contractual maturities, because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. (In thousands) Available-for-sale debt securities Amortized Cost Fair Value Within one year $ 219,655 $ 219,736 After one year through five years 8,787 8,776 After five years through ten years 25,517 25,219 After ten years 1,500 1,500 Total available-for-sale debt securities 255,459 255,231 Mortgage-backed securities 149,201 146,393 Total available-for-sale securities 404,660 401,624 Held-to-maturity debt securities Within one year 62,888 63,591 After one year through five years 127,936 132,369 After five years through ten years 111,457 116,387 After ten years 171,453 177,050 Total held-to-maturity debt securities 473,734 489,397 Mortgage-backed securities 192,560 194,858 Total held-to-maturity securities 666,294 684,255 Total debt securities $ 1,070,954 $ 1,085,879 At December 31, 2021 and June 30, 2021, respectively, securities with an aggregate fair value of $875.8 million and $892.1 million were pledged as collateral for deposits in excess of FDIC insurance limits for various municipalities placing deposits with Greene County Commercial Bank. At December 31, 2021 and June 30, 2021, securities with an aggregate fair value of $3.9 million, were pledged as collateral for potential borrowings at the Federal Reserve Bank discount window. Greene County Bancorp, Inc. did not participate in any securities lending programs during the three and six months ended December 31, 2021 or 2020, respectively. Federal Home Loan Bank Stock Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold stock of its district FHLB according to a predetermined formula. This stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions, FHLB stock is carried at cost. FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value. Impairment of this investment is evaluated quarterly and is a matter of judgment that reflects management’s view of the FHLB’s long-term performance, which includes factors such as the following: its operating performance; the severity and duration of declines in the fair value of its net assets related to its capital stock amount; its commitment to make payments required by law or regulation and the level of such payments in relation to its operating performance; the impact of legislative and regulatory changes on the FHLB, and accordingly, on the members of the FHLB; and its liquidity and funding position. After evaluating these considerations, Greene County Bancorp, Inc. concluded that the par value of its investment in FHLB stock will be recovered and, therefore, no other-than-temporary impairment charge was recorded during the three and six months ended December 31, 2021 or 2020. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Dec. 31, 2021 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | (5) Loans and Allowance for Loan Losses Loan segments and classes at December 31, 2021 and June 30, 2021 are summarized as follows: (In thousands) December 31, 2021 June 30, 2021 Residential real estate: Residential real estate $ 334,385 $ 325,167 Residential construction and land 13,884 10,185 Multi-family 44,450 41,951 Commercial real estate: Commercial real estate 534,244 472,887 Commercial construction 75,417 62,763 Consumer loan: Home equity 18,803 18,285 Consumer installment 4,669 4,942 Commercial loans 119,344 172,228 Total gross loans 1,145,196 1,108,408 Allowance for loan losses (21,684 ) (19,668 ) Unearned origination fees and costs, net (547 ) (2,793 ) Loans receivable, net $ 1,122,965 $ 1,085,947 The Bank of Greene County continues working with borrowers through the current pandemic. The Company instituted a loan deferment program in response to the COVID-19 pandemic whereby deferral of principal payments or principal and interest payments have been provided and correspond to the length of the National Emergency as defined under the CARES Act and extended under the Consolidated Appropriations Act which was signed into law on December 27, 2020. Under Section 4013 of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), loans less than 30 days past due as of March 31, 2020 will be considered current for COVID-19 modifications. Provisions under Section 4013 of the CARES Act were extended as part of the Consolidated Appropriations Act signed into law on December 27, 2020. A financial institution can suspend the requirements under GAAP for loan modifications related to COVID-19 that would otherwise be categorized as a troubled debt restructuring (“TDR”), and suspend any determination of a loan modified as a result of COVID-19 as being a TDR, including the requirement to determine impairment for accounting purposes . The CARES Act and the Consolidated Appropriations Act also provided over $2.0 trillion in emergency economic relief to individuals and businesses impacted by the COVID-19 pandemic. The CARES Act authorized the Small Business Administration (“SBA”) to temporarily guarantee loans under a new 7(a) loan program called the Paycheck Protection Program (“PPP”). An eligible business could apply for a PPP loan up to the greater of: (1) 2.5 times its average monthly “payroll costs”; or (2) $10.0 million. PPP loans have: (a) an interest rate of 1.0%, (b) a 2-5 year loan term to maturity, and (c) principal and interest payments deferred for six months from the date of disbursement. The Consolidated Appropriations Act (“CAA”) was signed into law on December 27, 2020. The CAA, extended the life of the PPP, creating a second round of PPP loans for eligible businesses. The Company participated in the CAA’s second round of PPP lending. Management closely monitors the quality of the loan portfolio and has established a loan review process designed to help grade the quality and profitability of the Company’s loan portfolio. The credit quality grade helps management make a consistent assessment of each loan relationship’s credit risk. Consistent with regulatory guidelines, The Bank of Greene County provides for the classification of loans considered being of lesser quality. Such ratings coincide with the “Substandard,” “Doubtful” and “Loss” classifications used by federal regulators in their examination of financial institutions. Generally, an asset is considered Substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. Substandard assets include those characterized by the distinct possibility that the insured financial institution will sustain some loss if the deficiencies are not corrected. Assets classified as Doubtful have all the weaknesses inherent in assets classified Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Assets classified as Loss are those considered uncollectible and of such little value that their continuance as assets without the establishment of a full loss reserve and/or charge-off is not warranted. Assets that do not currently expose the Company to sufficient risk to warrant classification in one of the aforementioned categories but otherwise possess weaknesses are designated “Special Mention.” When The Bank of Greene County classifies problem assets as either Substandard or Doubtful, it generally establishes a specific valuation allowance or “loss reserve” in an amount deemed prudent by management. General allowances represent loss allowances that have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular loans. When The Bank of Greene County identifies problem loans as being impaired, it is required to evaluate whether the Bank will be able to collect all amounts due either through repayments or the liquidation of the underlying collateral. If it is determined that impairment exists, the Bank is required either to establish a specific allowance for losses equal to the amount of impairment of the assets, or to charge-off such amount. The Bank of Greene County’s determination as to the classification of its loans and the amount of its valuation allowance is subject to review by its regulatory agencies, which can order the establishment of additional general or specific loss allowances. The Bank of Greene County reviews its portfolio quarterly to determine whether any assets require classification in accordance with applicable regulations. The Bank primarily has four segments within its loan portfolio that it considers when measuring credit quality: residential real estate loans, commercial real estate loans, consumer loans and commercial loans. The residential real estate portfolio consists of residential, construction, and multi-family loan classes. Commercial real estate loans consist of commercial real estate and commercial construction loan classes. Consumer loans consist of home equity loan and consumer installment loan classes. The inherent risk within the loan portfolio varies depending upon each of these loan types. Residential mortgage loans, including home equity loans, which are collateralized by residences are generally made in amounts up to 85.0% of the appraised value of the property. In the event of default by the borrower, The Bank of Greene County will acquire and liquidate the underlying collateral. By originating the loan at a loan-to-value ratio of 85.0% or less, The Bank of Greene County limits its risk of loss in the event of default. However, the market values of the collateral may be adversely impacted by declines in the economy. Home equity loans may have an additional inherent risk if The Bank of Greene County does not hold the first mortgage. The Bank of Greene County may stand in a secondary position in the event of collateral liquidation resulting in a greater chance of insufficiency to meet all obligations. Construction lending generally involves a greater degree of risk than other residential mortgage lending. The repayment of the construction loan is, to a great degree, dependent upon the successful and timely completion of the construction of the subject property within specified cost limits. The Bank of Greene County completes inspections during the construction phase prior to any disbursements. The Bank of Greene County limits its risk during the construction as disbursements are not made until the required work for each advance has been completed. Construction delays may further impair the borrower’s ability to repay the loan. Loans collateralized by commercial real estate, and multi-family dwellings, such as apartment buildings generally are larger than residential loans and involve a greater degree of risk. Commercial real estate loans often involve large loan balances to single borrowers or groups of related borrowers. Payments on these loans depend to a large degree on the results of operations and management of the properties or underlying businesses, and may be affected to a greater extent by adverse conditions in the real estate market or the economy in general. Accordingly, the nature of commercial real estate loans makes them more difficult for management to monitor and evaluate. Consumer loans generally have shorter terms and higher interest rates than residential mortgage loans. In addition, consumer loans expand the products and services offered by The Bank of Greene County to better meet the financial services needs of its customers. Consumer loans generally involve greater credit risk than residential mortgage loans because of the difference in the nature of the underlying collateral. Repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance because of the greater likelihood of damage, loss or depreciation in the underlying collateral. The remaining deficiency often does not warrant further substantial collection efforts against the borrower beyond obtaining a deficiency judgment. In addition, consumer loan collections depend on the borrower’s personal financial stability. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Commercial lending generally involves greater risk than residential mortgage lending and involves risks that are different from those associated with residential and commercial real estate mortgage lending. Real estate lending is generally considered to be collateral-based, with loan amounts based on fixed loan-to-collateral values, and liquidation of the underlying real estate collateral is viewed as the primary source of repayment in the event of borrower default. Although commercial loans may be collateralized by equipment or other business assets, the liquidation of collateral in the event of a borrower default is often an insufficient source of repayment because equipment and other business assets may be obsolete or of limited use, among other things. Accordingly, the repayment of a commercial loan depends primarily on the creditworthiness of the borrower (and any guarantors), while liquidation of collateral is a secondary and often insufficient source of repayment. The Bank of Greene County has formed relationships with other community banks within our region to participate in larger commercial loan relationships. These types of loans are generally considered to be riskier due to the size and complexity of the loan relationship. By entering into a participation agreement with the other bank, The Bank of Greene County can obtain the loan relationship while limiting its exposure to credit loss. Management completes its due diligence in underwriting these loans and monitors the servicing of these loans. Loan balances by internal credit quality indicator at December 31, 2021 are shown below. ( In thousands Performing Special Mention Substandard Total Residential real estate $ 331,056 $ 32 $ 3,297 $ 334,385 Residential construction and land 13,884 - - 13,884 Multi-family 44,355 95 - 44,450 Commercial real estate 497,947 6,801 29,496 534,244 Commercial construction 74,817 - 600 75,417 Home equity 18,344 - 459 18,803 Consumer installment 4,669 - - 4,669 Commercial loans 112,743 1,142 5,459 119,344 Total gross loans $ 1,097,815 $ 8,070 $ 39,311 $ 1,145,196 Loan balances by internal credit quality indicator at June 30, 2021 are shown below. (In thousands Performing Special Mention Substandard Total Residential real estate $ 321,826 $ 88 $ 3,253 $ 325,167 Residential construction and land 10,185 - - 10,185 Multi-family 41,589 - 362 41,951 Commercial real estate 441,004 9,690 22,193 472,887 Commercial construction 55,819 5,944 1,000 62,763 Home equity 17,727 - 558 18,285 Consumer installment 4,942 - - 4,942 Commercial loans 165,649 963 5,616 172,228 Total gross loans $ 1,058,741 $ 16,685 $ 32,982 $ 1,108,408 The Company had no loans classified doubtful or loss at December 31, 2021 or June 30, 2021. During the quarter ended December 31, 2021, the Company further downgraded commercial real estate and commercial loans from pass and special mention to substandard due to deterioration in borrower cash flows, delinquent payments and further financial deterioration or not improving financial performance. Management continues to monitor these loan relationships closely. In total there were 3 commercial real estate loan relationships, 1 commercial loan relationship that have been downgraded to substandard. This was offset by paydowns of classified loans during the quarter. At December 31, 2021, these loans were all performing. Management continues to monitor these loan relationships closely. Nonaccrual Loans Management places loans on nonaccrual status once the loans have become 90 days or more delinquent. A nonaccrual loan is defined as a loan in which collectability is questionable and therefore interest on the loan will no longer be recognized on an accrual basis. A loan is not placed back on accrual status until the borrower has demonstrated the ability and willingness to make timely payments on the loan. A loan does not have to be 90 days delinquent in order to be classified as nonaccrual. Nonaccrual loans consisted primarily of loans secured by real estate at December 31, 2021 and June 30, 2021. Loans on nonaccrual status totaled $3.9 million at December 31, 2021 of which $459,000 were in the process of foreclosure. At December 31, 2021, there were three residential loans totaling $357,000 and one commercial real estate loan for $102,000 in the process of foreclosure. Included in nonaccrual loans were $836,000 of loans which were less than 90 days past due at December 31, 2021, but have a recent history of delinquency greater than 90 days past due. These loans will be returned to accrual status once they have demonstrated a history of timely payments. Loans on nonaccrual status totaled $2.3 million at June 30, 2021 of which $260,000 were in the process of foreclosure. At June 30, 2021, there were two residential loans in the process of foreclosure totaling $158,000 and one commercial real estate loan for $102,000 in the process of foreclosure. Included in nonaccrual loans were $1.2 million of loans which were less than 90 days past due at June 30, 2021, but have a recent history of delinquency greater than 90 days past due. The increase in nonaccrual loans during the six months ended December 31, 2021, was primarily due to $2.4 million of loans placed into nonaccrual status due to delinquency, offset by $715,000 in loan repayments, and $97,000 in charge-offs. The following table sets forth information regarding delinquent and/or nonaccrual loans at December 31, 2021: (In thousands) 30-59 days past due 60-89 days past due 90 days or more past due Total past due Current Total Loans Loans on Non-accrual Residential real estate $ 2,984 $ 1,112 $ 2,202 $ 6,298 $ 328,087 $ 334,385 $ 2,916 Residential construction and land - 3 - 3 13,881 13,884 - Multi-family - - - - 44,450 44,450 - Commercial real estate 2,838 450 206 3,494 530,750 534,244 257 Commercial construction - - - - 75,417 75,417 - Home equity 119 - 180 299 18,504 18,803 191 Consumer installment 45 12 - 57 4,612 4,669 - Commercial loans 172 217 451 840 118,504 119,344 511 Total gross loans $ 6,158 $ 1,794 $ 3,039 $ 10,991 $ 1,134,205 $ 1,145,196 $ 3,875 The following table sets forth information regarding delinquent and/or nonaccrual loans at June 30, 2021: (In thousands) 30-59 days past due 60-89 days past due 90 days or more past Total past due Current Total Loans Loans on Non-accrual Residential real estate $ - $ 630 $ 650 $ 1,280 $ 323,887 $ 325,167 $ 1,324 Residential construction and land - - - - 10,185 10,185 - Multi-family - - - - 41,951 41,951 - Commercial real estate - 5,266 123 5,389 467,498 472,887 444 Commercial construction - - - - 62,763 62,763 - Home equity 33 40 224 297 17,988 18,285 237 Consumer installment 26 13 - 39 4,903 4,942 - Commercial loans - 230 117 347 171,881 172,228 296 Total gross loans $ 59 $ 6,179 $ 1,114 $ 7,352 $ 1,101,056 $ 1,108,408 $ 2,301 The Bank of Greene County had no accruing loans delinquent 90 days or more at December 31, 2021 and June 30, 2021. The borrowers have made arrangements with the Bank to bring the loans current within a specified time period and have made a series of payments as agreed. Impaired Loan Analysis The Company identifies impaired loans and measures the impairment in accordance with FASB ASC subtopic “ Receivables – Loan Impairment.” The tables below detail additional information on impaired loans at the date or periods indicated: At December 31, 2021 For the three months ended December 31, 2021 For the six months ended December 31, 2021 (In thousands) Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Interest Income Recognized With no related allowance recorded: Residential real estate $ 904 $ 904 $ - $ 664 $ 10 $ 442 $ 10 Commercial real estate 73 73 - 539 5 492 8 Home equity 128 128 - 128 - 128 - Commercial loans 328 328 - 180 2 139 2 Impaired loans with no allowance 1,433 1,433 - 1,511 17 1,201 20 With an allowance recorded: Residential real estate 2,227 2,227 630 1,958 28 1,338 33 Commercial real estate 938 938 89 612 8 696 18 Commercial construction 102 102 1 102 - 102 - Home equity 321 321 45 321 3 321 6 Commercial loans 3,262 3,262 337 3,484 47 3,356 87 Impaired loans with allowance 6,850 6,850 1,102 6,477 86 5,813 144 Total impaired: Residential real estate 3,131 3,131 630 2,622 38 1,780 43 Commercial real estate 1,011 1,011 89 1,151 13 1,188 26 Commercial construction 102 102 1 102 - 102 - Home equity 449 449 45 449 3 449 6 Commercial loans 3,590 3,590 337 3,664 49 3,495 89 Total impaired loans $ 8,283 $ 8,283 $ 1,102 $ 7,988 $ 103 $ 7,014 $ 164 At June 30, 2021 For the three months ended December 31, 2020 For the six months ended December 31, 2020 (In thousands) Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 370 $ 370 $ - $ 392 $ 3 $ 397 $ 8 Multi-family - - - - - 61 - Commercial real estate 281 281 - 321 1 328 2 Home equity 224 224 - 162 - 145 - Commercial loans 95 95 - 111 8 194 8 Impaired loans with no allowance 970 970 - 986 12 1,125 18 With an allowance recorded: Residential real estate 723 723 103 1,064 12 1,225 17 Commercial real estate 945 945 58 - - - - Commercial construction 102 102 1 102 - 102 - Home equity 321 321 73 391 4 410 8 Commercial loans 3,234 3,234 156 16 1 8 1 Impaired loans with allowance 5,325 5,325 391 1,573 17 1,745 26 Total impaired: Residential real estate 1,093 1,093 103 1,456 15 1,622 25 Multi-family - - - - - 61 - Commercial real estate 1,226 1,226 58 321 1 328 2 Commercial construction 102 102 1 102 - 102 - Home equity 545 545 73 553 4 555 8 Commercial loans 3,329 3,329 156 127 9 202 9 Total impaired loans $ 6,295 6,295 391 $ 2,559 29 2,870 44 The table below detail loans that have been modified as a troubled debt restructuring during the year ended June 30, 2021. (D ollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Current Outstanding Recorded Investment For the year ended June 30,2021 Commercial loans 5 $ 3,001 $ 2,903 $ 2,896 Commercial real estate 3 1,325 1,287 1,284 Residential 1 70 70 69 There were no loans that had been modified as a troubled debt restructuring during the six months ended December 31, 2021. There were no loans that had been modified as a troubled debt restructuring during the twelve months prior to June 30, 2021 or 2020, which have subsequently defaulted during the three and six months ended December 31, 2021 or 2020, respectively. In order to assist borrowers through the COVID-19 pandemic, The Bank of Greene County has instituted a loan deferment program whereby deferral of payments were provided. Payment deferrals consisted of either principal deferrals or full payment deferrals. As allowed under the CARES Act, and as amended by Section 541 of the Consolidated Appropriations Act of 2021, the Company will not report these loans as delinquent and Trouble Debt Restructuring disclosures. The Company will continue to recognize interest income during the deferral period as long as they are deemed collectible. These loans will be closely monitored to determine collectability and accrual and delinquency status will be updated as deemed appropriate. The following table details loans that have payments deferred as of December 31, 2021. Full Payment Deferral Principal Payment Deferral Total Deferral (Dollars in thousands Balance Number of Loans Balance Number of Loans Balance Number of Loans Commercial real estate - - 99 1 99 1 Residential - - 165 1 165 1 Total $ - - $ 264 2 $ 264 2 The following table details loans that have payments deferred at June 30, 2021. Full Payment Deferral Principal Payment Deferral Total Deferral (Dollars in thousands Balance Number of Loans Balance Number of Loans Balance Number of Loans Commercial real estate 6,119 3 1,346 3 7,465 6 Commercial loans 572 2 - - 572 2 Total $ 6,691 5 $ 1,346 3 $ 8,037 8 Allowance for Loan Losses The allowance for loan losses is established through a provision for loan losses based on management’s evaluation of the risk inherent in the loan portfolio, the composition of the loan portfolio, specific impaired loans and current economic conditions. Such evaluation, which includes a review of certain identified loans on which full collectability may not be reasonably assured, considers among other matters, the estimated net realizable value or the fair value of the underlying collateral, economic conditions, payment status of the loan, historical loan loss experience and other factors that warrant recognition in providing for the loan loss allowance. In addition, various regulatory agencies, as an integral part of their examination process, periodically review The Bank of Greene County’s allowance for loan losses. Such agencies may require The Bank of Greene County to recognize additions to the allowance based on their judgment about information available to them at the time of their examination. The Bank of Greene County disaggregates its loan portfolio as noted in the below allowance for loan losses tables to evaluate for impairment collectively based on historical loss experience. The Bank of Greene County evaluates nonaccrual loans that are over $100 thousand and all trouble debt restructured loans individually for impairment, if it is probable that The Bank of Greene County will not be able to collect scheduled payments of principal and interest when due, according to the contractual terms of the loan agreements. Loans that are guaranteed, such as SBA loans, are excluded from the homogeneous pool of loans and no allowance is allocated to this segment of the portfolio. The measurement of impaired loans is generally based on the fair value of the underlying collateral. The Bank of Greene County charges loans off against the allowance for credit losses when it becomes evident that a loan cannot be collected within a reasonable amount of time or that it will cost the Bank more than it will receive, and all possible avenues of repayment have been analyzed, including the potential of future cash flow, the value of the underlying collateral, and strength of any guarantors or co-borrowers. Generally, consumer loans and smaller business loans (not secured by real estate) in excess of 90 days are charged-off against the allowance for loan losses, unless equitable arrangements are made. Included within consumer installment loan charge-offs and recoveries are deposit accounts that have been overdrawn in excess of 60 days. With continued growth in the number of deposit accounts, charge-off activity within this category has also grown, as can be seen from the tables below. For loans secured by real estate, a charge-off is recorded when it is determined that the collection of all or a portion of a loan may not be collected and the amount of that loss can be reasonably estimated. The allowance for loan losses is increased by a provision for loan losses (which results in a charge to expense) and recoveries of loans previously charged off and is reduced by charge-offs. The Bank of Greene County recognizes that depending upon the duration of the COVID-19 pandemic and the adequacy of strategies in place by local and federal governments, borrowers may not have the ability to repay their debts which may ultimately result in losses to The Bank of Greene County. Management continues to closely monitor credit relationships, particularly those on payment deferral or adversely classified. The following tables set forth the activity and allocation of the allowance for loan losses by loan class during and at the periods indicated. The allowance is allocated to each loan class based on historical loss experience, current economic conditions, and other considerations. Activity for the three months ended December 31, 2021 (In thousands) Balance at September 30, 2021 Charge-offs Recoveries Provision Balance at December 31, 2021 Residential real estate $ 1,997 $ - $ 7 $ (23 ) $ 1,981 Residential construction and land 120 - - (5 ) 115 Multi-family 100 - - (24 ) 76 Commercial real estate 14,298 - - 1,318 15,616 Commercial construction 1,198 - - 52 1,250 Home equity 140 - - (51 ) 89 Consumer installment 290 107 20 77 280 Commercial loans 2,350 10 1 (64 ) 2,277 Total $ 20,493 $ 117 $ 28 $ 1,280 $ 21,684 Activity for the six months ended December 31, 2021 (In thousands) Balance at June 30, 2021 Charge-offs Recoveries Provision Balance at December 31, 2021 Residential real estate $ 2,012 $ - $ 7 $ (38 ) $ 1,981 Residential construction and land 106 - - 9 115 Multi-family 186 - - (110 ) 76 Commercial real estate 13,049 - - 2,567 15,616 Commercial construction 1,535 - - (285 ) 1,250 Home equity 165 - - (76 ) 89 Consumer installment 267 211 57 167 280 Commercial loans 2,348 107 2 34 2,277 Total $ 19,668 $ 318 $ 66 $ 2,268 $ 21,684 Allowance for Loan Losses Loans Receivable Ending Balance At December 31, 2021 Impairment Analysis Ending Balance At December 31, 2021 Impairment Analysis (In thousands) Individually Evaluated Collectively Evaluated Individually Evaluated Collectively Evaluated Residential real estate $ 630 $ 1,351 $ 3,131 $ 331,254 Residential construction and land - 115 - 13,884 Multi-family - 76 - 44,450 Commercial real estate 89 15,527 1,011 533,233 Commercial construction 1 1,249 102 75,315 Home equity 45 44 449 18,354 Consumer installment - 280 - 4,669 Commercial loans 337 1,940 3,590 115,754 Total $ 1,102 $ 20,582 $ 8,283 $ 1,136,913 Activity for the three months ended December 31, 2020 (In thousands) Balance at September 30, 2020 Charge-offs Recoveries Provision Balance at December 31, 2020 Residential real estate $ 1,463 $ 26 $ 4 $ 557 $ 1,998 Residential construction and land 118 - - (28 ) 90 Multi-family 180 - - 96 276 Commercial real estate 9,384 - - 823 10,207 Commercial construction 1,961 - - (114 ) 1,847 Home equity 272 - - (7 ) 265 Consumer installment 350 85 19 (28 ) 256 Commercial loans 3,868 500 - (37 ) 3,331 Total $ 17,596 $ 611 $ 23 $ 1,262 $ 18,270 Activity for the six months ended December 31, 2020 (In thousands) Balance at June 30, 2020 Charge-offs Recoveries Provision Balance at December 31, 2020 Residential real estate $ 2,091 $ 26 $ 7 $ (74 ) $ 1,998 Residential construction and land 141 - - (51 ) 90 Multi-family 176 - - 100 276 Commercial real estate 8,634 - - 1,573 10,207 Commercial construction 2,053 - - (206 ) 1,847 Home equity 295 - - (30 ) 265 Consumer installment 197 146 39 166 256 Commercial loans 2,804 500 - 1,027 3,331 Total $ 16,391 $ 672 $ 46 $ 2,505 $ 18,270 Allowance for Loan Losses Loans Receivable Ending Balance June 30, 2021 Impairment Analysis Ending Balance June 30, 2021 Impairment Analysis (In thousands) Individually Evaluated Collectively Evaluated Individually Evaluated Collectively Evaluated Residential real estate $ 103 $ 1,909 $ 1,093 $ 324,074 Residential construction and land - 106 - 10,185 Multi-family - 186 - 41,951 Commercial real estate 58 12,991 1,226 471,661 Commercial construction 1 1,534 102 62,661 Home equity 73 92 545 17,740 Consumer installment - 267 - 4,942 Commercial loans 156 2,192 3,329 168,899 Total $ 391 $ 19,277 $ 6,295 $ 1,102,113 Foreclosed real estate (FRE) FRE consists of properties acquired through mortgage loan foreclosure proceedings or in full or partial satisfaction of loans. The following table sets forth information regarding FRE at December 31, 2021 and June 30, 2021: (in thousands) December 31, 2021 June 30, 2021 Residential real estate $ - $ 64 Total foreclosed real estate $ - $ 64 |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 6 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurements and Fair Value of Financial Instruments [Abstract] | |
Fair Value Measurements and Fair Value of Financial Instruments | (6) Fair Value Measurements and Fair Value of Financial Instruments Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated. The estimated fair value amounts have been measured as of December 31, 2021 and 2020 and have not been re-evaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period-end. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The FASB ASC Topic on “ Fair Value Measurement” Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used are as follows: Fair Value Measurements Using Quoted Prices In Active Markets For Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) December 31, 2021 (Level 1) (Level 2) (Level 3) Assets: U.S. Government sponsored enterprises $ 12,770 $ - $ 12,770 $ - U.S. Treasury securities 19,533 - 19,533 - State and political subdivisions 219,843 - 219,843 - Mortgage-backed securities-residential 33,407 - 33,407 - Mortgage-backed securities-multi-family 112,986 - 112,986 - Corporate debt securities 3,085 - 3,085 - Securities available-for-sale $ 401,624 $ - $ 401,624 $ - Equity securities 292 292 - - Total securities measured at fair value $ 401,916 $ 292 $ 401,624 $ - Fair Value Measurements Using Quoted Prices In Active Markets For Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) June 30, 2021 (Level 1) (Level 2) (Level 3) Assets: U.S. Government sponsored enterprises $ 12,903 $ - $ 12,903 $ - U.S. Treasury securities 19,836 - 19,836 - State and political subdivisions 200,656 - 200,656 - Mortgage-backed securities-residential 34,981 - 34,981 - Mortgage-backed securities-multi-family 119,407 - 119,407 - Corporate debt securities 3,107 - 3,107 - Securities available-for-sale $ 390,890 $ - $ 390,890 $ - Equity securities 307 307 - - Total securities measured at fair value $ 391,197 $ 307 $ 390,890 $ - Certain investments that are actively traded and have quoted market prices have been classified as Level 1 valuations. Other available-for-sale investment securities have been valued by reference to prices for similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2. In addition to disclosures of the fair value of assets on a recurring basis, FASB ASC Topic on “ Fair Value Measurement” Receivables –Loan Impairment” Fair values for foreclosed real estate are initially recorded based on market value evaluations by third parties, less costs to sell (“initial cost basis”). Any write-downs required when the related loan receivable is exchanged for the underlying real estate collateral at the time of transfer to foreclosed real estate are charged to the allowance for loan losses. Values are derived from appraisals, similar to impaired loans, of underlying collateral or discounted cash flow analysis. Subsequent to foreclosure, valuations are updated periodically and assets are marked to current fair value, not to exceed the initial cost basis. In the determination of fair value subsequent to foreclosure, management also considers other factors or recent developments, such as, changes in absorption rates and market conditions from the time of valuation and anticipated sales values considering management’s plans for disposition. Either change could result in adjustment to lower the property value estimates indicated in the appraisals. These measurements are classified as Level 3 within the fair value hierarchy. Fair Value Measurements Using (In thousands) Recorded Investment Related Allowance Fair Value (Level 1) (Level 2) (Level 3) December 31 2021 Impaired loans $ 7,027 $ 1,102 $ 5,925 $ - $ - $ 5,925 June 30 2021 Impaired loans $ 5,449 $ 391 $ 5,058 $ - $ - $ 5,058 Foreclosed real estate 64 - 64 - - 64 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were utilized to determine fair value: (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range Weighted Average December 31 2021 Impaired Loans $ 3,086 Appraisal of collateral (1) Appraisal adjustments (2) 7.06%-33.73 % 27.12 % Liquidation expenses (3) 3.98%-5.58 % 4.41 % 2,839 Discounted cash flow Discount rate 4.19%-7.49 % 6.66 % June 30 2021 Impaired loans $ 473 Appraisal of collateral (1) Appraisal adjustments (2) 7.06%-33.73 % 24.94 % Liquidation expenses (3) 3.98%-5.58 % 4.50 % 4,585 Discounted cash flow Discount rate 4.19%-7.49 % 5.99 % Foreclosed real estate 64 Appraisal of collateral (1) Appraisal adjustments (2) 0.00%-0.00 % 0.00 % Liquidation expenses (3) 8.70 % 8.70 % (1) Fair value is generally determined through independent third-party appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable. (2) Appraisals may be adjusted downwards by management for qualitative factors such as economic conditions. Higher downward adjustments are caused by negative changes to the collateral or conditions in the real estate market, actual offers or sales contracts received or age of the appraisal. (3) Appraisals are adjusted downwards by management for qualitative factors such as the estimated costs to liquidate the collateral. No other financial assets or liabilities were re-measured during the year on a nonrecurring basis. The carrying amounts reported in the statements of financial condition for cash and cash equivalents, long term certificate of deposits, accrued interest receivable and accrued interest payable approximate their fair values. Fair values of securities are based on quoted market prices (Level 1), where available, or matrix pricing (Level 2), which is a mathematical technique, used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. The carrying amount of Federal Home Loan Bank stock approximates fair value due to its restricted nature. The fair values for loans are measured using the “exit price” notion which is a reasonable estimate of what another party might pay in an orderly transaction. Fair values for variable rate loans that reprice frequently, with no significant credit risk, are based on carrying value. Fair value for fixed rate loans are estimated using discounted cash flows and interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair values disclosed for demand and savings deposits are equal to carrying amounts at the reporting date. The carrying amounts for variable rate money market deposits approximate fair values at the reporting date. Fair values for long term certificates of deposit are estimated using discounted cash flows and interest rates currently being offered in the market on similar certificates. Fair value for Federal Home Loan Bank long term borrowings are estimated using discounted cash flows and interest rates currently being offered on similar borrowings. The carrying value of short-term Federal Home Loan Bank borrowings approximates its fair value. Fair value for subordinated notes payable is estimated based on a discounted cash flow methodology or observations of recent highly-similar transactions. The fair value of commitments to extend credit is estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions, considering the remaining terms of the commitments and the credit-worthiness of the potential borrowers. At December 31, 2021 and June 30, 2021, the estimated fair values of these off-balance sheet financial instruments were immaterial, and are therefore excluded from the table below. The carrying amounts and estimated fair value of financial instruments are as follows: (In thousands) December 31, 2021 Fair Value Measurements Using Carrying Fair Value (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 63,528 $ 63,528 $ 63,528 $ - $ - Long term certificate of deposit 4,362 4,449 - 4,449 - Securities available-for-sale 401,624 401,624 - 401,624 - Securities held-to-maturity 666,294 684,255 - 684,255 - Equity securities 292 292 292 - - Federal Home Loan Bank stock 2,891 2,891 - 2,891 - Net loans receivable 1,122,965 1,111,570 - - 1,111,570 Accrued interest receivable 8,392 8,392 - 8,392 - Deposits 2,073,357 2,073,635 - 2,073,635 - Borrowings 40,000 40,052 - 40,052 - Subordinated notes payable, net 49,217 49,914 - 49,914 - Accrued interest payable 635 635 - 635 - (In thousands) June 30, 2021 Fair Value Measurements Using Carrying Fair Value (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 149,775 $ 149,775 $ 149,775 $ - $ - Long term certificate of deposit 4,553 4,719 - 4,719 - Securities available-for-sale 390,890 390,890 - 390,890 - Securities held-to-maturity 496,914 519,042 - 519,042 - Equity securities 307 307 307 - - Federal Home Loan Bank stock 1,091 1,091 - 1,091 - Net loans receivable 1,085,947 1,081,669 - - 1,081,669 Accrued interest receivable 7,781 7,781 - 7,781 - Deposits 2,005,108 2,005,483 - 2,005,483 - Borrowings 3,000 3,005 - 3,005 - Subordinated notes payable, net 19,644 19,858 - 19,858 - Accrued interest payable 346 346 - 346 - |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (7) Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding under the treasury stock method if all potentially dilutive common shares (such as stock options) issued became vested during the period. There were no dilutive or anti-dilutive securities or contracts outstanding during the three months and six ended December 31, 2021 and 2020. For the three months ended December 31, For the six months ended December 31, 2021 2020 2021 2020 Net Income $ 6,877,000 $ 6,195,000 $ 13,991,000 $ 11,070,000 Weighted Average Shares – Basic 8,513,414 8,513,414 8,513,414 8,513,414 Weighted Average Shares - Diluted 8,513,414 8,513,414 8,513,414 8,513,414 Earnings per share - Basic $ 0.81 $ 0.73 $ 1.64 $ 1.30 Earnings per share - Diluted $ 0.81 $ 0.73 $ 1.64 $ 1.30 |
Dividends
Dividends | 6 Months Ended |
Dec. 31, 2021 | |
Dividends [Abstract] | |
Dividends | (8) Dividends On October 20, 2021, the Company announced that its Board of Directors has approved a quarterly cash dividend of $0.13 per share on the Company’s common stock. The dividend reflects an annual cash dividend rate of $0.52 per share, which represents an 8.3% increase from the previous annual cash dividend rate of $0.48 per share. The dividend was payable to stockholders of record as of November 15, 2021, and was paid on November 30, 2021. Greene County Bancorp, MHC waived its right to receive this dividend. |
Impact of Recent Accounting Pro
Impact of Recent Accounting Pronouncements | 6 Months Ended |
Dec. 31, 2021 | |
Impact of Recent Accounting Pronouncements [Abstract] | |
Impact of Recent Accounting Pronouncements | (9) Impact of Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In October 2020, the FASB issued an Update (ASU 2020-08), Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs. The amendments affect the guidance in ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in that Update shortened the amortization period for certain purchased callable debt securities held at a premium by requiring that entities amortize the premium associated with those callable debt securities within the scope of paragraph 310-20-25-33 to the earliest call date. The Board noted in paragraph BC21 of Update 2017-08 that if the security contained additional future call dates, an entity should consider whether the amortized cost basis exceeded the amount repayable by the issuer at the next call date. If so, the excess should be amortized to the next call date. The amendments in ASU 2020-08 clarified the Board’s intent that an entity should reevaluate whether a callable debt security that has multiple call dates is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of this guidance did not have a material impact on our consolidated results of operations or financial position. Accounting Pronouncements to be adopted in future periods In June 2016, the FASB issued an Update (ASU 2016-13) to its guidance on “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exists) from the date of initial recognition of that instrument. The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described above. Further, the ASU made certain targeted amendments to the existing impairment model for available-for-sale (AFS) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. An entity will apply the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which aligns the implementation date for nonpublic entities’ annual financial statements with the implementation date for their interim financial statements and clarifies the scope of the guidance in the amendments in ASU 2016-13. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The amendments to Topic 326 and other topics in ASU 2019-04 include items related to the amendments in Update 2016-13 discussed at the June 2018 and November 2018 Credit Losses TRG meetings. The amendments clarify or address stakeholders’ specific issues about certain aspects of the amendments in Update 2016-13 on a number of different topics, including the following: accrued interest, transfers between classifications or categories for loans and debt securities, recoveries, consideration of prepayments in determining the effective interest rate, consideration of estimated costs to sell when foreclosure is probable, vintage disclosures— line-of-credit arrangements converted to term loans, and contractual extensions and renewals. The effective dates and transition requirements for the amendments related to this Update are the same as the effective dates and transition requirements in Update 2016-13. In November 2019, the FASB issued ASU 2019-11 Codification Improvements to Topic 326 Financial Instruments Credit Losses provides additional clarification to specific issues about certain aspects of the amendments in Update 2016-13 related to measuring the allowance for loan losses under the new guidance. The Company is currently evaluating the potential impact on our consolidated results of operations or financial position. The initial adjustment will not be reported in earnings and therefore will not have any material impact on our consolidated results of operations, but it is expected that it will have an impact on our consolidated financial position at the date of adoption. At this time, we have not calculated the estimated impact that this Update will have on our allowance for credit losses, however, we anticipate it will have a significant impact on the methodology process we utilize to calculate the allowance. A vendor has been selected and alternative methodologies are currently being considered. Data requirements and integrity are being reviewed and enhancements incorporated into standard processes. For public business entities that are U.S. Securities and Exchange Commission (SEC) filers, excluding small reporting companies such as the Company, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2019, FASB issued ASU 2019-10, Financial Instruments – Credit Losses which amends the implementation effective date for small reporting companies, such as the Company, and non-public business entities, for fiscal years beginning after December 15, 2022. All entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. In March 2020, the FASB issued an Update (ASU 2020-04), Reference Rate Reform (Topic 848). On January 7, 2021, the FASB issued (ASU 2021-01), which refines the scope of ASC 848 and clarifies some of its guidance. The ASU and related amendments provide temporary optional expedients and exceptions to the existing guidance for applying GAAP to affected contract modifications and hedge accounting relationships in the transition away from the London Interbank Offered Rate (“LIBOR”) or other interbank offered rate on financial reporting. The guidance also allows a one-time election to sell and/or reclassify to AFS or trading HTM debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective March 12, 2020 through December 31, 2022 and permits relief solely for reference rate reform actions and permits different elections over the effective date for legacy and new activity. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company’s initial evaluation of LIBOR exposure appears to be minimal and limited to a couple of participation loans or risk participation agreements. The Company is working with the other lead lenders to determine if any potential contract modifications are needed. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Dec. 31, 2021 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | (10) Employee Benefit Plans Defined Benefit Plan The components of net periodic pension cost related to the defined benefit pension plan for the three and six months ended December 31, 2021 and 2020 were as follows: Three months ended December 31, Six months ended December 31, (In thousands) 2021 2020 2021 2020 Interest cost $ 42 $ 41 $ 84 $ 82 Expected return on plan assets (70 ) (64 ) (140 ) (127 ) Amortization of net loss 32 52 64 104 Net periodic pension cost $ 4 $ 29 $ 8 $ 59 The Company does not anticipate that it will make any additional contributions to the defined benefit pension plan during fiscal 2022. SERP The Board of Directors of The Bank of Greene County adopted The Bank of Greene County Supplemental Executive Retirement Plan (the “SERP”), effective as of July 1, 2010. The SERP benefits certain key senior executives of the Bank who have been selected by the Board to participate. The SERP is intended to provide a benefit from the Bank upon retirement, death or disability or voluntary or involuntary termination of service (other than “for cause”). The SERP is more fully described in Note 9 of the consolidated financial statements and notes thereto for the year ended June 30, 2021. The net periodic pension costs related to the SERP for the three and six months ended December 31, 2021 were $329,000 and $643,000, respectively. The net periodic pension costs related to the SERP Plan for the three and six months ended December 31, 2020 were $270,000 and $526,000. The total liability for the SERP was $9.2 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Dec. 31, 2021 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | (11) Stock-Based Compensation Phantom Stock Option Plan and Long-term Incentive Plan The Greene County Bancorp, Inc. 2011 Phantom Stock Option and Long-term Incentive Plan (the “Plan”) was adopted effective July 1, 2011, to promote the long-term financial success of the Company and its subsidiaries by providing a means to attract, retain and reward individuals who contribute to such success and to further align their interests with those of the Company’s shareholders. The Plan is intended to provide benefits to employees and directors of the Company or any subsidiary as designated by the Compensation Committee of the Board of Directors of the Company (“Committee”). A phantom stock option represents the right to receive a cash payment on the date the award vests. The Plan is more fully described in Note 10 of the consolidated financial statements and notes thereto for the year ended June 30, 2021. A summary of the Company’s phantom stock option activity and related information for the Plan for the three and six months ended December 31, 2021 and 2020 were as follows: Three months ended December 31, Six months ended December 31, 2021 2020 2021 2020 Number of options outstanding, beginning of period 1,982,720 2,288,800 1,507,600 1,765,100 Options Granted - - 475,120 523,700 Options Forfeited - - - - Options Paid in Cash (476,200 ) (583,200 ) (476,200 ) (583,200 ) Number of options outstanding, end of period 1,506,520 1,705,600 1,506,520 1,705,600 Three months ended December 31, Six months ended December 31, (In thousands) 2021 2020 2021 2020 Cash paid out on options vested $ 3,054 $ 3,107 $ 3,054 $ 3,107 Compensation costs recognized 1,067 972 1,877 1,607 The total liability for the Plan was $3.8 million and $5.0 million at December 31, 2021 and June 30, 2021, respectively, and is included in accrued expenses and other liabilities. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | (12) Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss at December 31, 2021 and 2020 are presented as follows: Activity for the three months ended December 31, 2021 and 2020 ( In thousands Unrealized gain (losses) on securities available-for- sale Pension Total Balance - September 30, 2020 $ 1,560 $ (2,178 ) $ (618 ) Other comprehensive loss before reclassification (8 ) - (8 ) Other comprehensive loss for the three months ended December 31, 2020 (8 ) - (8 ) Balance - December 31, 2020 $ 1,552 $ (2,178 ) $ (626 ) Balance - September 30, 2021 $ (1,006 ) $ (1,509 ) $ (2,515 ) Other comprehensive loss before reclassification (1,218 ) - (1,218 ) Other comprehensive loss for the three months ended December 31, 2021 (1,218 ) - (1,218 ) Balance - December 31, 2021 $ (2,224 ) $ (1,509 ) $ (3,733 ) Activity for the six months ended December 31, 2021 and 2020 ( In thousands Unrealized gain (losses) on securities available-for- sale Pension Total Balance at June 30, 2020 $ 1,750 $ (2,178 ) $ (428 ) Other comprehensive loss before reclassification (198 ) - (198 ) Other comprehensive loss for the six months ended December 31, 2020 (198 ) - (198 ) Balance at December 31, 2020 $ 1,552 $ (2,178 ) $ (626 ) Balance at June 30, 2021 $ 348 $ (1,509 ) $ (1,161 ) Other comprehensive loss before reclassification (2,572 ) - (2,572 ) Other comprehensive loss for the six months ended December 31, 2021 (2,572 ) - (2,572 ) Balance at December 31, 2021 $ (2,224 ) $ (1,509 ) $ (3,733 ) |
Operating leases
Operating leases | 6 Months Ended |
Dec. 31, 2021 | |
Operating leases [Abstract] | |
Operating leases | (13) Operating leases The Company leases certain branch properties under long-term, operating lease agreements. The Company’s operating lease agreements contain lease components, which are generally accounted for separately. The Company’s lease agreements do not contain any residual value guarantee. The following includes quantitative data related to the Company’s operating leases as of December 31, 2021 and June 30, 2021, and for the three and six months ended December 31, 2021 and 2020: (In thousands, except weighted-average information). Operating lease amounts: December 31, 2021 June 30, 2021 Right-of-use assets $ 2,142 $ 1,887 Lease liabilities $ 2,195 $ 1,921 For the three months ended December 31, 2021 2020 (In thousands) Other information: Operating outgoing cash flows from operating leases $ 87 $ 86 Right-of-use assets obtained in exchange for new operating lease liabilities $ 415 $ 625 Lease costs: Operating lease cost $ 81 $ 81 Variable lease cost $ 10 $ 10 For the six months ended December 31, 2021 2020 (In thousands) Other information: Operating outgoing cash flows from operating leases $ 174 $ 173 Right-of-use assets obtained in exchange for new operating lease liabilities $ 415 $ 625 Lease costs: Operating lease cost $ 161 $ 161 Variable lease cost $ 20 $ 20 The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, excluding common area maintenance charges and real estate taxes, as of December 31, 2021: (in thousands) Within the twelve months ended 2022 $ 357 2023 366 2024 377 2025 369 2026 340 Thereafter 543 Total undiscounted cash flow 2,352 Less net present value adjustment (157 ) Lease Liability $ 2,195 Weighted-average remaining lease term (Years) 5.38 Weighted-average discount rate 2.12 % Right-of-use assets are included in prepaid expenses and other assets, and lease liabilities are included in accrued expenses and other liabilities within the Company’s statement of condition. |
Subsequent events
Subsequent events | 6 Months Ended |
Dec. 31, 2021 | |
Subsequent events [Abstract] | |
Subsequent events | (14) Subsequent events On January 19, 2022, the Board of Directors declared a cash dividend for the quarter ended December 31, 2021 of $0.13 per share on Greene County Bancorp, Inc.’s common stock. The dividend reflects an annual cash dividend rate of $0.52 per share, which was the same rate as the dividend declared during the previous quarter. The dividend will be payable to stockholders of record as of February 15, 2022, and will be paid on February 28, 2022. The MHC intends to waive its receipt of this dividend. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Dec. 31, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Within the accompanying unaudited consolidated statement of financial condition, and related notes to the consolidated financial statements, June 30, 2021 data was derived from the audited consolidated financial statements of Greene County Bancorp, Inc. (the “Company”) and its wholly owned subsidiaries, The Bank of Greene County (the “Bank”) and Greene Risk Management, Inc., and the Bank’s wholly owned subsidiaries, Greene County Commercial Bank and Greene Property Holdings, Ltd. The consolidated financial statements at and for the three and six months ended December 31, 2021 and 2020 are unaudited. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. To the extent that information and notes required by GAAP for complete financial statements are contained in or are consistent with the audited financial statements incorporated by reference to Greene County Bancorp, Inc.’s Annual Report on Form 10-K for the year ended June 30, 2021, such information and notes have not been duplicated herein. In the opinion of management, all adjustments (consisting of only normal recurring items) necessary for a fair presentation of the financial position and results of operations and cash flows at and for the periods presented have been included. The Company had no material reclassifications from amounts in the prior year’s consolidated financial statements to conform to the current year’s presentation. All material inter-company accounts and transactions have been eliminated in the consolidation. The results of operations and other data for the three and six months ended December 31, 2021 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2022. These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued and should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K. CRITICAL ACCOUNTING POLICIES Greene County Bancorp, Inc.’s critical accounting policies relate to the allowance for loan losses. The allowance for loan losses is based on management’s estimation of an amount that is intended to absorb losses in the existing portfolio. The allowance for loan losses is established through a provision for loan losses based on management’s evaluation of the risk inherent in the loan portfolio, the composition of the portfolio, specific impaired loans and current economic conditions. Such evaluation, which includes a review of all loans for which full collectability may not be reasonably assured, considers among other matters, the estimated net realizable value or the fair value of the underlying collateral, economic conditions, historical loan loss experience, management’s estimate of probable credit losses and other factors that warrant recognition in providing for the allowance of loan losses. However, this evaluation involves a high degree of complexity and requires management to make subjective judgments that often require assumptions or estimates about highly uncertain matters. This critical accounting policy and its application are periodically reviewed with the Audit Committee and the Board of Directors. |
Use of Estimates (Policies)
Use of Estimates (Policies) | 6 Months Ended |
Dec. 31, 2021 | |
Use of Estimates [Abstract] | |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and the assessment of other-than-temporary security impairment. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses (the “Allowance”) may be necessary, based on changes in economic conditions, asset quality or other factors. In addition, various regulatory authorities, as an integral part of their examination process, periodically review the Allowance. Such authorities may require the Company to recognize additions to the Allowance based on their judgments of information available to them at the time of their examination. Greene County Bancorp, Inc. makes an assessment to determine whether there have been any events or economic circumstances to indicate that a security on which there is an unrealized loss is impaired on an other-than-temporary basis. The Company considers many factors including the severity and duration of the impairment; the intent and ability of the Company to hold the security for a period of time sufficient for a recovery in value; recent events specific to the issuer or industry; and for debt securities, intent to sell the security, whether it is more likely than not we will be required to sell the security before recovery, whether loss is expected, external credit ratings and recent downgrades. Securities on which there is an unrealized loss that is deemed to be other-than-temporary are written down to fair value through earnings. |
Securities (Policies)
Securities (Policies) | 6 Months Ended |
Dec. 31, 2021 | |
Securities [Abstract] | |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold stock of its district FHLB according to a predetermined formula. This stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions, FHLB stock is carried at cost. FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value. Impairment of this investment is evaluated quarterly and is a matter of judgment that reflects management’s view of the FHLB’s long-term performance, which includes factors such as the following: its operating performance; the severity and duration of declines in the fair value of its net assets related to its capital stock amount; its commitment to make payments required by law or regulation and the level of such payments in relation to its operating performance; the impact of legislative and regulatory changes on the FHLB, and accordingly, on the members of the FHLB; and its liquidity and funding position. After evaluating these considerations, Greene County Bancorp, Inc. concluded that the par value of its investment in FHLB stock will be recovered and, therefore, no other-than-temporary impairment charge was recorded during the three and six months ended December 31, 2021 or 2020. |
Impact of Recent Accounting P_2
Impact of Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Dec. 31, 2021 | |
Impact of Recent Accounting Pronouncements [Abstract] | |
Impact of Recent Accounting Pronouncements | Accounting Pronouncements Recently Adopted In October 2020, the FASB issued an Update (ASU 2020-08), Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs. The amendments affect the guidance in ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in that Update shortened the amortization period for certain purchased callable debt securities held at a premium by requiring that entities amortize the premium associated with those callable debt securities within the scope of paragraph 310-20-25-33 to the earliest call date. The Board noted in paragraph BC21 of Update 2017-08 that if the security contained additional future call dates, an entity should consider whether the amortized cost basis exceeded the amount repayable by the issuer at the next call date. If so, the excess should be amortized to the next call date. The amendments in ASU 2020-08 clarified the Board’s intent that an entity should reevaluate whether a callable debt security that has multiple call dates is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of this guidance did not have a material impact on our consolidated results of operations or financial position. Accounting Pronouncements to be adopted in future periods In June 2016, the FASB issued an Update (ASU 2016-13) to its guidance on “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exists) from the date of initial recognition of that instrument. The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described above. Further, the ASU made certain targeted amendments to the existing impairment model for available-for-sale (AFS) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. An entity will apply the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which aligns the implementation date for nonpublic entities’ annual financial statements with the implementation date for their interim financial statements and clarifies the scope of the guidance in the amendments in ASU 2016-13. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The amendments to Topic 326 and other topics in ASU 2019-04 include items related to the amendments in Update 2016-13 discussed at the June 2018 and November 2018 Credit Losses TRG meetings. The amendments clarify or address stakeholders’ specific issues about certain aspects of the amendments in Update 2016-13 on a number of different topics, including the following: accrued interest, transfers between classifications or categories for loans and debt securities, recoveries, consideration of prepayments in determining the effective interest rate, consideration of estimated costs to sell when foreclosure is probable, vintage disclosures— line-of-credit arrangements converted to term loans, and contractual extensions and renewals. The effective dates and transition requirements for the amendments related to this Update are the same as the effective dates and transition requirements in Update 2016-13. In November 2019, the FASB issued ASU 2019-11 Codification Improvements to Topic 326 Financial Instruments Credit Losses provides additional clarification to specific issues about certain aspects of the amendments in Update 2016-13 related to measuring the allowance for loan losses under the new guidance. The Company is currently evaluating the potential impact on our consolidated results of operations or financial position. The initial adjustment will not be reported in earnings and therefore will not have any material impact on our consolidated results of operations, but it is expected that it will have an impact on our consolidated financial position at the date of adoption. At this time, we have not calculated the estimated impact that this Update will have on our allowance for credit losses, however, we anticipate it will have a significant impact on the methodology process we utilize to calculate the allowance. A vendor has been selected and alternative methodologies are currently being considered. Data requirements and integrity are being reviewed and enhancements incorporated into standard processes. For public business entities that are U.S. Securities and Exchange Commission (SEC) filers, excluding small reporting companies such as the Company, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2019, FASB issued ASU 2019-10, Financial Instruments – Credit Losses which amends the implementation effective date for small reporting companies, such as the Company, and non-public business entities, for fiscal years beginning after December 15, 2022. All entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. In March 2020, the FASB issued an Update (ASU 2020-04), Reference Rate Reform (Topic 848). On January 7, 2021, the FASB issued (ASU 2021-01), which refines the scope of ASC 848 and clarifies some of its guidance. The ASU and related amendments provide temporary optional expedients and exceptions to the existing guidance for applying GAAP to affected contract modifications and hedge accounting relationships in the transition away from the London Interbank Offered Rate (“LIBOR”) or other interbank offered rate on financial reporting. The guidance also allows a one-time election to sell and/or reclassify to AFS or trading HTM debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective March 12, 2020 through December 31, 2022 and permits relief solely for reference rate reform actions and permits different elections over the effective date for legacy and new activity. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company’s initial evaluation of LIBOR exposure appears to be minimal and limited to a couple of participation loans or risk participation agreements. The Company is working with the other lead lenders to determine if any potential contract modifications are needed. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Securities [Abstract] | |
Components of Securities | Securities at December 31, 2021 consisted of the following: (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available-for-sale: U.S. government sponsored enterprises $ 13,073 $ 5 $ 308 $ 12,770 U.S. treasury securities 19,621 21 109 19,533 State and political subdivisions 219,758 91 6 219,843 Mortgage-backed securities-residential 33,432 189 214 33,407 Mortgage-backed securities-multi-family 115,769 420 3,203 112,986 Corporate debt securities 3,007 83 5 3,085 Total securities available-for-sale 404,660 809 3,845 401,624 Securities held-to-maturity: U.S. treasury securities 10,943 - 117 10,826 State and political subdivisions 446,852 16,330 644 462,538 Mortgage-backed securities-residential 22,945 442 97 23,290 Mortgage-backed securities-multi-family 169,615 3,276 1,323 171,568 Corporate debt securities 15,884 157 63 15,978 Other securities 55 - - 55 Total securities held-to-maturity 666,294 20,205 2,244 684,255 Total securities $ 1,070,954 $ 21,014 $ 6,089 $ 1,085,879 Securities at June 30, 2021 consisted of the following: (In thousands) Amortized Cost Gross Unrealized Gross Unrealized Estimated Fair Value Securities available-for-sale: U.S. government sponsored enterprises $ 13,079 $ 36 $ 212 $ 12,903 U.S. treasury securities 19,672 165 1 19,836 State and political subdivisions 200,436 220 - 200,656 Mortgage-backed securities-residential 34,861 287 167 34,981 Mortgage-backed securities-multi-family 119,359 1,042 994 119,407 Corporate debt securities 3,008 129 30 3,107 Total securities available-for-sale 390,415 1,879 1,404 390,890 Securities held-to-maturity: U.S. treasury securities 10,938 28 2 10,964 State and political subdivisions 341,364 17,184 303 358,245 Mortgage-backed securities-residential 28,450 584 90 28,944 Mortgage-backed securities-multi-family 100,330 4,635 12 104,953 Corporate debt securities 9,892 111 65 9,938 Other securities 5,940 58 - 5,998 Total securities held-to-maturity 496,914 22,600 472 519,042 Total securities $ 887,329 $ 24,479 $ 1,876 $ 909,932 |
Securities in Continuous Unrealized Loss Position | The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2021. Less Than 12 Months More Than 12 Months Total (In thousands, except number of securities) Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Number of Securities available-for-sale: U.S. government sponsored enterprises $ 6,088 $ 105 3 $ 4,797 $ 203 1 $ 10,885 $ 308 4 U.S. treasury securities 17,592 109 6 - - - 17,592 109 6 State and political subdivisions 43,224 6 34 - - - 43,224 6 34 Mortgage-backed securities-residential 22,885 214 8 - - - 22,885 214 8 Mortgage-backed securities-multi-family 82,027 2,505 32 12,613 698 5 94,640 3,203 37 Corporate debt securities 495 5 1 - - - 495 5 1 Total securities available-for-sale 172,311 2,944 84 17,410 901 6 189,721 3,845 90 Securities held-to-maturity: U.S. treasury securities 10,826 117 4 - - - 10,826 117 4 State and political subdivisions 81,640 640 344 188 4 1 81,828 644 345 Mortgage-backed securities-residential 11,622 97 2 - - - 11,622 97 2 Mortgage-backed securities-multi-family 80,311 1,323 24 - - - 80,311 1,323 24 Corporate debt securities 2,735 51 3 488 12 1 3,223 63 4 Total securities held-to-maturity 187,134 2,228 377 676 16 2 187,810 2,244 379 Total securities $ 359,445 $ 5,172 461 $ 18,086 $ 917 8 $ 377,531 $ 6,089 469 The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2021. Less Than 12 Months More Than 12 Months Total (In thousands, except number of securities) Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Securities available-for-sale: U.S. government sponsored enterprises $ 6,787 $ 212 2 $ - $ - - $ 6,787 $ 212 2 U.S. treasury securities 1,970 1 1 - - - 1,970 1 1 Mortgage-backed securities-residential 19,071 167 4 - - - 19,071 167 4 Mortgage-backed securities-multi-family 59,176 933 21 2,469 61 1 61,645 994 22 Corporate debt securities 970 30 1 - - - 970 30 1 Total securities available-for-sale 87,974 1,343 29 2,469 61 1 90,443 1,404 30 Securities held-to-maturity: U.S. treasury securities 1,991 2 1 - - - 1,991 2 1 State and political subdivisions 42,751 303 76 - - - 42,751 303 76 Mortgage-backed securities-residential 12,839 90 2 - - - 12,839 90 2 Mortgage-backed securities-multi-family 3,890 12 3 - - - 3,890 12 3 Corporate debt securities 2,506 36 2 471 29 1 2,977 65 3 Total securities held-to-maturity 63,977 443 84 471 29 1 64,448 472 85 Total securities $ 151,951 $ 1,786 113 $ 2,940 $ 90 2 $ 154,891 $ 1,876 115 |
Investments Classified by Contractual Maturity Date | The estimated fair values of debt securities at December 31, 2021, by contractual maturity are shown below. Expected maturities may differ from contractual maturities, because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. (In thousands) Available-for-sale debt securities Amortized Cost Fair Value Within one year $ 219,655 $ 219,736 After one year through five years 8,787 8,776 After five years through ten years 25,517 25,219 After ten years 1,500 1,500 Total available-for-sale debt securities 255,459 255,231 Mortgage-backed securities 149,201 146,393 Total available-for-sale securities 404,660 401,624 Held-to-maturity debt securities Within one year 62,888 63,591 After one year through five years 127,936 132,369 After five years through ten years 111,457 116,387 After ten years 171,453 177,050 Total held-to-maturity debt securities 473,734 489,397 Mortgage-backed securities 192,560 194,858 Total held-to-maturity securities 666,294 684,255 Total debt securities $ 1,070,954 $ 1,085,879 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Loans and Allowance for Loan Losses [Abstract] | |
Major Loan Segments and Classes | Loan segments and classes at December 31, 2021 and June 30, 2021 are summarized as follows: (In thousands) December 31, 2021 June 30, 2021 Residential real estate: Residential real estate $ 334,385 $ 325,167 Residential construction and land 13,884 10,185 Multi-family 44,450 41,951 Commercial real estate: Commercial real estate 534,244 472,887 Commercial construction 75,417 62,763 Consumer loan: Home equity 18,803 18,285 Consumer installment 4,669 4,942 Commercial loans 119,344 172,228 Total gross loans 1,145,196 1,108,408 Allowance for loan losses (21,684 ) (19,668 ) Unearned origination fees and costs, net (547 ) (2,793 ) Loans receivable, net $ 1,122,965 $ 1,085,947 |
Loan Balances by Internal Credit Quality Indicator | Loan balances by internal credit quality indicator at December 31, 2021 are shown below. ( In thousands Performing Special Mention Substandard Total Residential real estate $ 331,056 $ 32 $ 3,297 $ 334,385 Residential construction and land 13,884 - - 13,884 Multi-family 44,355 95 - 44,450 Commercial real estate 497,947 6,801 29,496 534,244 Commercial construction 74,817 - 600 75,417 Home equity 18,344 - 459 18,803 Consumer installment 4,669 - - 4,669 Commercial loans 112,743 1,142 5,459 119,344 Total gross loans $ 1,097,815 $ 8,070 $ 39,311 $ 1,145,196 Loan balances by internal credit quality indicator at June 30, 2021 are shown below. (In thousands Performing Special Mention Substandard Total Residential real estate $ 321,826 $ 88 $ 3,253 $ 325,167 Residential construction and land 10,185 - - 10,185 Multi-family 41,589 - 362 41,951 Commercial real estate 441,004 9,690 22,193 472,887 Commercial construction 55,819 5,944 1,000 62,763 Home equity 17,727 - 558 18,285 Consumer installment 4,942 - - 4,942 Commercial loans 165,649 963 5,616 172,228 Total gross loans $ 1,058,741 $ 16,685 $ 32,982 $ 1,108,408 |
Delinquent and/or Nonaccrual Loans by Past Due Status | The following table sets forth information regarding delinquent and/or nonaccrual loans at December 31, 2021: (In thousands) 30-59 days past due 60-89 days past due 90 days or more past due Total past due Current Total Loans Loans on Non-accrual Residential real estate $ 2,984 $ 1,112 $ 2,202 $ 6,298 $ 328,087 $ 334,385 $ 2,916 Residential construction and land - 3 - 3 13,881 13,884 - Multi-family - - - - 44,450 44,450 - Commercial real estate 2,838 450 206 3,494 530,750 534,244 257 Commercial construction - - - - 75,417 75,417 - Home equity 119 - 180 299 18,504 18,803 191 Consumer installment 45 12 - 57 4,612 4,669 - Commercial loans 172 217 451 840 118,504 119,344 511 Total gross loans $ 6,158 $ 1,794 $ 3,039 $ 10,991 $ 1,134,205 $ 1,145,196 $ 3,875 The following table sets forth information regarding delinquent and/or nonaccrual loans at June 30, 2021: (In thousands) 30-59 days past due 60-89 days past due 90 days or more past Total past due Current Total Loans Loans on Non-accrual Residential real estate $ - $ 630 $ 650 $ 1,280 $ 323,887 $ 325,167 $ 1,324 Residential construction and land - - - - 10,185 10,185 - Multi-family - - - - 41,951 41,951 - Commercial real estate - 5,266 123 5,389 467,498 472,887 444 Commercial construction - - - - 62,763 62,763 - Home equity 33 40 224 297 17,988 18,285 237 Consumer installment 26 13 - 39 4,903 4,942 - Commercial loans - 230 117 347 171,881 172,228 296 Total gross loans $ 59 $ 6,179 $ 1,114 $ 7,352 $ 1,101,056 $ 1,108,408 $ 2,301 |
Impaired Loans by Loan Portfolio Class | The tables below detail additional information on impaired loans at the date or periods indicated: At December 31, 2021 For the three months ended December 31, 2021 For the six months ended December 31, 2021 (In thousands) Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Interest Income Recognized With no related allowance recorded: Residential real estate $ 904 $ 904 $ - $ 664 $ 10 $ 442 $ 10 Commercial real estate 73 73 - 539 5 492 8 Home equity 128 128 - 128 - 128 - Commercial loans 328 328 - 180 2 139 2 Impaired loans with no allowance 1,433 1,433 - 1,511 17 1,201 20 With an allowance recorded: Residential real estate 2,227 2,227 630 1,958 28 1,338 33 Commercial real estate 938 938 89 612 8 696 18 Commercial construction 102 102 1 102 - 102 - Home equity 321 321 45 321 3 321 6 Commercial loans 3,262 3,262 337 3,484 47 3,356 87 Impaired loans with allowance 6,850 6,850 1,102 6,477 86 5,813 144 Total impaired: Residential real estate 3,131 3,131 630 2,622 38 1,780 43 Commercial real estate 1,011 1,011 89 1,151 13 1,188 26 Commercial construction 102 102 1 102 - 102 - Home equity 449 449 45 449 3 449 6 Commercial loans 3,590 3,590 337 3,664 49 3,495 89 Total impaired loans $ 8,283 $ 8,283 $ 1,102 $ 7,988 $ 103 $ 7,014 $ 164 At June 30, 2021 For the three months ended December 31, 2020 For the six months ended December 31, 2020 (In thousands) Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 370 $ 370 $ - $ 392 $ 3 $ 397 $ 8 Multi-family - - - - - 61 - Commercial real estate 281 281 - 321 1 328 2 Home equity 224 224 - 162 - 145 - Commercial loans 95 95 - 111 8 194 8 Impaired loans with no allowance 970 970 - 986 12 1,125 18 With an allowance recorded: Residential real estate 723 723 103 1,064 12 1,225 17 Commercial real estate 945 945 58 - - - - Commercial construction 102 102 1 102 - 102 - Home equity 321 321 73 391 4 410 8 Commercial loans 3,234 3,234 156 16 1 8 1 Impaired loans with allowance 5,325 5,325 391 1,573 17 1,745 26 Total impaired: Residential real estate 1,093 1,093 103 1,456 15 1,622 25 Multi-family - - - - - 61 - Commercial real estate 1,226 1,226 58 321 1 328 2 Commercial construction 102 102 1 102 - 102 - Home equity 545 545 73 553 4 555 8 Commercial loans 3,329 3,329 156 127 9 202 9 Total impaired loans $ 6,295 6,295 391 $ 2,559 29 2,870 44 |
Loans Modified as Troubled Debt Restructuring | The table below detail loans that have been modified as a troubled debt restructuring during the year ended June 30, 2021. (D ollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Current Outstanding Recorded Investment For the year ended June 30,2021 Commercial loans 5 $ 3,001 $ 2,903 $ 2,896 Commercial real estate 3 1,325 1,287 1,284 Residential 1 70 70 69 |
Loans that Have Payments Deferred | The following table details loans that have payments deferred as of December 31, 2021. Full Payment Deferral Principal Payment Deferral Total Deferral (Dollars in thousands Balance Number of Loans Balance Number of Loans Balance Number of Loans Commercial real estate - - 99 1 99 1 Residential - - 165 1 165 1 Total $ - - $ 264 2 $ 264 2 The following table details loans that have payments deferred at June 30, 2021. Full Payment Deferral Principal Payment Deferral Total Deferral (Dollars in thousands Balance Number of Loans Balance Number of Loans Balance Number of Loans Commercial real estate 6,119 3 1,346 3 7,465 6 Commercial loans 572 2 - - 572 2 Total $ 6,691 5 $ 1,346 3 $ 8,037 8 |
Activity and Allocation of Allowance for Loan Losses | The following tables set forth the activity and allocation of the allowance for loan losses by loan class during and at the periods indicated. The allowance is allocated to each loan class based on historical loss experience, current economic conditions, and other considerations. Activity for the three months ended December 31, 2021 (In thousands) Balance at September 30, 2021 Charge-offs Recoveries Provision Balance at December 31, 2021 Residential real estate $ 1,997 $ - $ 7 $ (23 ) $ 1,981 Residential construction and land 120 - - (5 ) 115 Multi-family 100 - - (24 ) 76 Commercial real estate 14,298 - - 1,318 15,616 Commercial construction 1,198 - - 52 1,250 Home equity 140 - - (51 ) 89 Consumer installment 290 107 20 77 280 Commercial loans 2,350 10 1 (64 ) 2,277 Total $ 20,493 $ 117 $ 28 $ 1,280 $ 21,684 Activity for the six months ended December 31, 2021 (In thousands) Balance at June 30, 2021 Charge-offs Recoveries Provision Balance at December 31, 2021 Residential real estate $ 2,012 $ - $ 7 $ (38 ) $ 1,981 Residential construction and land 106 - - 9 115 Multi-family 186 - - (110 ) 76 Commercial real estate 13,049 - - 2,567 15,616 Commercial construction 1,535 - - (285 ) 1,250 Home equity 165 - - (76 ) 89 Consumer installment 267 211 57 167 280 Commercial loans 2,348 107 2 34 2,277 Total $ 19,668 $ 318 $ 66 $ 2,268 $ 21,684 Allowance for Loan Losses Loans Receivable Ending Balance At December 31, 2021 Impairment Analysis Ending Balance At December 31, 2021 Impairment Analysis (In thousands) Individually Evaluated Collectively Evaluated Individually Evaluated Collectively Evaluated Residential real estate $ 630 $ 1,351 $ 3,131 $ 331,254 Residential construction and land - 115 - 13,884 Multi-family - 76 - 44,450 Commercial real estate 89 15,527 1,011 533,233 Commercial construction 1 1,249 102 75,315 Home equity 45 44 449 18,354 Consumer installment - 280 - 4,669 Commercial loans 337 1,940 3,590 115,754 Total $ 1,102 $ 20,582 $ 8,283 $ 1,136,913 Activity for the three months ended December 31, 2020 (In thousands) Balance at September 30, 2020 Charge-offs Recoveries Provision Balance at December 31, 2020 Residential real estate $ 1,463 $ 26 $ 4 $ 557 $ 1,998 Residential construction and land 118 - - (28 ) 90 Multi-family 180 - - 96 276 Commercial real estate 9,384 - - 823 10,207 Commercial construction 1,961 - - (114 ) 1,847 Home equity 272 - - (7 ) 265 Consumer installment 350 85 19 (28 ) 256 Commercial loans 3,868 500 - (37 ) 3,331 Total $ 17,596 $ 611 $ 23 $ 1,262 $ 18,270 Activity for the six months ended December 31, 2020 (In thousands) Balance at June 30, 2020 Charge-offs Recoveries Provision Balance at December 31, 2020 Residential real estate $ 2,091 $ 26 $ 7 $ (74 ) $ 1,998 Residential construction and land 141 - - (51 ) 90 Multi-family 176 - - 100 276 Commercial real estate 8,634 - - 1,573 10,207 Commercial construction 2,053 - - (206 ) 1,847 Home equity 295 - - (30 ) 265 Consumer installment 197 146 39 166 256 Commercial loans 2,804 500 - 1,027 3,331 Total $ 16,391 $ 672 $ 46 $ 2,505 $ 18,270 Allowance for Loan Losses Loans Receivable Ending Balance June 30, 2021 Impairment Analysis Ending Balance June 30, 2021 Impairment Analysis (In thousands) Individually Evaluated Collectively Evaluated Individually Evaluated Collectively Evaluated Residential real estate $ 103 $ 1,909 $ 1,093 $ 324,074 Residential construction and land - 106 - 10,185 Multi-family - 186 - 41,951 Commercial real estate 58 12,991 1,226 471,661 Commercial construction 1 1,534 102 62,661 Home equity 73 92 545 17,740 Consumer installment - 267 - 4,942 Commercial loans 156 2,192 3,329 168,899 Total $ 391 $ 19,277 $ 6,295 $ 1,102,113 |
Foreclosed Real Estate | The following table sets forth information regarding FRE at December 31, 2021 and June 30, 2021: (in thousands) December 31, 2021 June 30, 2021 Residential real estate $ - $ 64 Total foreclosed real estate $ - $ 64 |
Fair Value Measurements and F_2
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurements and Fair Value of Financial Instruments [Abstract] | |
Assets Measured at Fair Value on Recurring Basis | For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used are as follows: Fair Value Measurements Using Quoted Prices In Active Markets For Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) December 31, 2021 (Level 1) (Level 2) (Level 3) Assets: U.S. Government sponsored enterprises $ 12,770 $ - $ 12,770 $ - U.S. Treasury securities 19,533 - 19,533 - State and political subdivisions 219,843 - 219,843 - Mortgage-backed securities-residential 33,407 - 33,407 - Mortgage-backed securities-multi-family 112,986 - 112,986 - Corporate debt securities 3,085 - 3,085 - Securities available-for-sale $ 401,624 $ - $ 401,624 $ - Equity securities 292 292 - - Total securities measured at fair value $ 401,916 $ 292 $ 401,624 $ - Fair Value Measurements Using Quoted Prices In Active Markets For Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) June 30, 2021 (Level 1) (Level 2) (Level 3) Assets: U.S. Government sponsored enterprises $ 12,903 $ - $ 12,903 $ - U.S. Treasury securities 19,836 - 19,836 - State and political subdivisions 200,656 - 200,656 - Mortgage-backed securities-residential 34,981 - 34,981 - Mortgage-backed securities-multi-family 119,407 - 119,407 - Corporate debt securities 3,107 - 3,107 - Securities available-for-sale $ 390,890 $ - $ 390,890 $ - Equity securities 307 307 - - Total securities measured at fair value $ 391,197 $ 307 $ 390,890 $ - |
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis | Fair Value Measurements Using (In thousands) Recorded Investment Related Allowance Fair Value (Level 1) (Level 2) (Level 3) December 31 2021 Impaired loans $ 7,027 $ 1,102 $ 5,925 $ - $ - $ 5,925 June 30 2021 Impaired loans $ 5,449 $ 391 $ 5,058 $ - $ - $ 5,058 Foreclosed real estate 64 - 64 - - 64 |
Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were utilized to determine fair value: (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range Weighted Average December 31 2021 Impaired Loans $ 3,086 Appraisal of collateral (1) Appraisal adjustments (2) 7.06%-33.73 % 27.12 % Liquidation expenses (3) 3.98%-5.58 % 4.41 % 2,839 Discounted cash flow Discount rate 4.19%-7.49 % 6.66 % June 30 2021 Impaired loans $ 473 Appraisal of collateral (1) Appraisal adjustments (2) 7.06%-33.73 % 24.94 % Liquidation expenses (3) 3.98%-5.58 % 4.50 % 4,585 Discounted cash flow Discount rate 4.19%-7.49 % 5.99 % Foreclosed real estate 64 Appraisal of collateral (1) Appraisal adjustments (2) 0.00%-0.00 % 0.00 % Liquidation expenses (3) 8.70 % 8.70 % (1) Fair value is generally determined through independent third-party appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable. (2) Appraisals may be adjusted downwards by management for qualitative factors such as economic conditions. Higher downward adjustments are caused by negative changes to the collateral or conditions in the real estate market, actual offers or sales contracts received or age of the appraisal. (3) Appraisals are adjusted downwards by management for qualitative factors such as the estimated costs to liquidate the collateral. |
Carrying Amounts and Estimated Fair Value of Financial Instruments | The carrying amounts and estimated fair value of financial instruments are as follows: (In thousands) December 31, 2021 Fair Value Measurements Using Carrying Fair Value (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 63,528 $ 63,528 $ 63,528 $ - $ - Long term certificate of deposit 4,362 4,449 - 4,449 - Securities available-for-sale 401,624 401,624 - 401,624 - Securities held-to-maturity 666,294 684,255 - 684,255 - Equity securities 292 292 292 - - Federal Home Loan Bank stock 2,891 2,891 - 2,891 - Net loans receivable 1,122,965 1,111,570 - - 1,111,570 Accrued interest receivable 8,392 8,392 - 8,392 - Deposits 2,073,357 2,073,635 - 2,073,635 - Borrowings 40,000 40,052 - 40,052 - Subordinated notes payable, net 49,217 49,914 - 49,914 - Accrued interest payable 635 635 - 635 - (In thousands) June 30, 2021 Fair Value Measurements Using Carrying Fair Value (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 149,775 $ 149,775 $ 149,775 $ - $ - Long term certificate of deposit 4,553 4,719 - 4,719 - Securities available-for-sale 390,890 390,890 - 390,890 - Securities held-to-maturity 496,914 519,042 - 519,042 - Equity securities 307 307 307 - - Federal Home Loan Bank stock 1,091 1,091 - 1,091 - Net loans receivable 1,085,947 1,081,669 - - 1,081,669 Accrued interest receivable 7,781 7,781 - 7,781 - Deposits 2,005,108 2,005,483 - 2,005,483 - Borrowings 3,000 3,005 - 3,005 - Subordinated notes payable, net 19,644 19,858 - 19,858 - Accrued interest payable 346 346 - 346 - |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Basic and Diluted | There were no dilutive or anti-dilutive securities or contracts outstanding during the three months and six ended December 31, 2021 and 2020. For the three months ended December 31, For the six months ended December 31, 2021 2020 2021 2020 Net Income $ 6,877,000 $ 6,195,000 $ 13,991,000 $ 11,070,000 Weighted Average Shares – Basic 8,513,414 8,513,414 8,513,414 8,513,414 Weighted Average Shares - Diluted 8,513,414 8,513,414 8,513,414 8,513,414 Earnings per share - Basic $ 0.81 $ 0.73 $ 1.64 $ 1.30 Earnings per share - Diluted $ 0.81 $ 0.73 $ 1.64 $ 1.30 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Employee Benefit Plans [Abstract] | |
Components of Net Periodic Pension Costs | The components of net periodic pension cost related to the defined benefit pension plan for the three and six months ended December 31, 2021 and 2020 were as follows: Three months ended December 31, Six months ended December 31, (In thousands) 2021 2020 2021 2020 Interest cost $ 42 $ 41 $ 84 $ 82 Expected return on plan assets (70 ) (64 ) (140 ) (127 ) Amortization of net loss 32 52 64 104 Net periodic pension cost $ 4 $ 29 $ 8 $ 59 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Stock-Based Compensation [Abstract] | |
Summary of Phantom Stock Option Activity and Related Information | A summary of the Company’s phantom stock option activity and related information for the Plan for the three and six months ended December 31, 2021 and 2020 were as follows: Three months ended December 31, Six months ended December 31, 2021 2020 2021 2020 Number of options outstanding, beginning of period 1,982,720 2,288,800 1,507,600 1,765,100 Options Granted - - 475,120 523,700 Options Forfeited - - - - Options Paid in Cash (476,200 ) (583,200 ) (476,200 ) (583,200 ) Number of options outstanding, end of period 1,506,520 1,705,600 1,506,520 1,705,600 Three months ended December 31, Six months ended December 31, (In thousands) 2021 2020 2021 2020 Cash paid out on options vested $ 3,054 $ 3,107 $ 3,054 $ 3,107 Compensation costs recognized 1,067 972 1,877 1,607 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss at December 31, 2021 and 2020 are presented as follows: Activity for the three months ended December 31, 2021 and 2020 ( In thousands Unrealized gain (losses) on securities available-for- sale Pension Total Balance - September 30, 2020 $ 1,560 $ (2,178 ) $ (618 ) Other comprehensive loss before reclassification (8 ) - (8 ) Other comprehensive loss for the three months ended December 31, 2020 (8 ) - (8 ) Balance - December 31, 2020 $ 1,552 $ (2,178 ) $ (626 ) Balance - September 30, 2021 $ (1,006 ) $ (1,509 ) $ (2,515 ) Other comprehensive loss before reclassification (1,218 ) - (1,218 ) Other comprehensive loss for the three months ended December 31, 2021 (1,218 ) - (1,218 ) Balance - December 31, 2021 $ (2,224 ) $ (1,509 ) $ (3,733 ) Activity for the six months ended December 31, 2021 and 2020 ( In thousands Unrealized gain (losses) on securities available-for- sale Pension Total Balance at June 30, 2020 $ 1,750 $ (2,178 ) $ (428 ) Other comprehensive loss before reclassification (198 ) - (198 ) Other comprehensive loss for the six months ended December 31, 2020 (198 ) - (198 ) Balance at December 31, 2020 $ 1,552 $ (2,178 ) $ (626 ) Balance at June 30, 2021 $ 348 $ (1,509 ) $ (1,161 ) Other comprehensive loss before reclassification (2,572 ) - (2,572 ) Other comprehensive loss for the six months ended December 31, 2021 (2,572 ) - (2,572 ) Balance at December 31, 2021 $ (2,224 ) $ (1,509 ) $ (3,733 ) |
Operating leases (Tables)
Operating leases (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Operating leases [Abstract] | |
Quantitative Data Related to Operating Leases | The following includes quantitative data related to the Company’s operating leases as of December 31, 2021 and June 30, 2021, and for the three and six months ended December 31, 2021 and 2020: (In thousands, except weighted-average information). Operating lease amounts: December 31, 2021 June 30, 2021 Right-of-use assets $ 2,142 $ 1,887 Lease liabilities $ 2,195 $ 1,921 For the three months ended December 31, 2021 2020 (In thousands) Other information: Operating outgoing cash flows from operating leases $ 87 $ 86 Right-of-use assets obtained in exchange for new operating lease liabilities $ 415 $ 625 Lease costs: Operating lease cost $ 81 $ 81 Variable lease cost $ 10 $ 10 For the six months ended December 31, 2021 2020 (In thousands) Other information: Operating outgoing cash flows from operating leases $ 174 $ 173 Right-of-use assets obtained in exchange for new operating lease liabilities $ 415 $ 625 Lease costs: Operating lease cost $ 161 $ 161 Variable lease cost $ 20 $ 20 |
Undiscounted Cash Flows of Operating Lease Liabilities | The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, excluding common area maintenance charges and real estate taxes, as of December 31, 2021: (in thousands) Within the twelve months ended 2022 $ 357 2023 366 2024 377 2025 369 2026 340 Thereafter 543 Total undiscounted cash flow 2,352 Less net present value adjustment (157 ) Lease Liability $ 2,195 Weighted-average remaining lease term (Years) 5.38 Weighted-average discount rate 2.12 % |
Nature of Operations (Details)
Nature of Operations (Details) | Dec. 31, 2021Office |
Nature of Operations [Abstract] | |
Number of full-service offices | 17 |
Securities, Components of Secur
Securities, Components of Securities (Details) $ in Thousands | 3 Months Ended | |
Dec. 31, 2021USD ($)Category | Jun. 30, 2021USD ($) | |
Available-for-sale debt securities [Abstract] | ||
Amortized cost | $ 404,660 | $ 390,415 |
Gross unrealized gains | 809 | 1,879 |
Gross unrealized losses | 3,845 | 1,404 |
Estimated fair value | 401,624 | 390,890 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 666,294 | 496,914 |
Gross unrealized gains | 20,205 | 22,600 |
Gross unrealized losses | 2,244 | 472 |
Estimated fair value | 684,255 | 519,042 |
Total Securities [Abstract] | ||
Amortized cost | 1,070,954 | 887,329 |
Gross unrealized gains | 21,014 | 24,479 |
Gross unrealized losses | 6,089 | 1,876 |
Estimated fair value | $ 1,085,879 | 909,932 |
Number of categories utilized under risk management approach of diversified investing | Category | 3 | |
U.S. Government Sponsored Enterprises [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | $ 13,073 | 13,079 |
Gross unrealized gains | 5 | 36 |
Gross unrealized losses | 308 | 212 |
Estimated fair value | 12,770 | 12,903 |
U.S. Treasury Securities [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 19,621 | 19,672 |
Gross unrealized gains | 21 | 165 |
Gross unrealized losses | 109 | 1 |
Estimated fair value | 19,533 | 19,836 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 10,943 | 10,938 |
Gross unrealized gains | 0 | 28 |
Gross unrealized losses | 117 | 2 |
Estimated fair value | 10,826 | 10,964 |
State and Political Subdivisions [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 219,758 | 200,436 |
Gross unrealized gains | 91 | 220 |
Gross unrealized losses | 6 | 0 |
Estimated fair value | 219,843 | 200,656 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 446,852 | 341,364 |
Gross unrealized gains | 16,330 | 17,184 |
Gross unrealized losses | 644 | 303 |
Estimated fair value | 462,538 | 358,245 |
Mortgage-backed Securities-Residential [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 33,432 | 34,861 |
Gross unrealized gains | 189 | 287 |
Gross unrealized losses | 214 | 167 |
Estimated fair value | 33,407 | 34,981 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 22,945 | 28,450 |
Gross unrealized gains | 442 | 584 |
Gross unrealized losses | 97 | 90 |
Estimated fair value | 23,290 | 28,944 |
Mortgage-backed Securities-Multi-family [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 115,769 | 119,359 |
Gross unrealized gains | 420 | 1,042 |
Gross unrealized losses | 3,203 | 994 |
Estimated fair value | 112,986 | 119,407 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 169,615 | 100,330 |
Gross unrealized gains | 3,276 | 4,635 |
Gross unrealized losses | 1,323 | 12 |
Estimated fair value | 171,568 | 104,953 |
Corporate Debt Securities [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 3,007 | 3,008 |
Gross unrealized gains | 83 | 129 |
Gross unrealized losses | 5 | 30 |
Estimated fair value | 3,085 | 3,107 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 15,884 | 9,892 |
Gross unrealized gains | 157 | 111 |
Gross unrealized losses | 63 | 65 |
Estimated fair value | 15,978 | 9,938 |
Other Securities [Member] | ||
Held-to-maturity securities [Abstract] | ||
Amortized cost | 55 | 5,940 |
Gross unrealized gains | 0 | 58 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | $ 55 | $ 5,998 |
Securities, Securities in Conti
Securities, Securities in Continuous Unrealized Loss Position (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2021USD ($)Security | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($)Security | Dec. 31, 2020USD ($) | Jun. 30, 2021USD ($)Security | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 172,311 | $ 172,311 | $ 87,974 | ||
More than 12 months, fair value | 17,410 | 17,410 | 2,469 | ||
Total, fair value | 189,721 | 189,721 | 90,443 | ||
Less than 12 months, unrealized losses | 2,944 | 2,944 | 1,343 | ||
More than 12 months, unrealized losses | 901 | 901 | 61 | ||
Total, unrealized losses | $ 3,845 | $ 3,845 | $ 1,404 | ||
Less than 12 months, number of securities | Security | 84 | 84 | 29 | ||
More than 12 months, number of securities | Security | 6 | 6 | 1 | ||
Total, number of securities | Security | 90 | 90 | 30 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 187,134 | $ 187,134 | $ 63,977 | ||
More than 12 months, fair value | 676 | 676 | 471 | ||
Total, fair value | 187,810 | 187,810 | 64,448 | ||
Less than 12 months, unrealized losses | 2,228 | 2,228 | 443 | ||
More than 12 months, unrealized losses | 16 | 16 | 29 | ||
Total, unrealized losses | $ 2,244 | $ 2,244 | $ 472 | ||
Less than 12 months, number of securities | Security | 377 | 377 | 84 | ||
More than 12 months, number of securities | Security | 2 | 2 | 1 | ||
Total, number of securities | Security | 379 | 379 | 85 | ||
Total Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 359,445 | $ 359,445 | $ 151,951 | ||
More than 12 months, fair value | 18,086 | 18,086 | 2,940 | ||
Total, fair value | 377,531 | 377,531 | 154,891 | ||
Less than 12 months, unrealized losses | 5,172 | 5,172 | 1,786 | ||
More than 12 months, unrealized losses | 917 | 917 | 90 | ||
Total, unrealized losses | $ 6,089 | $ 6,089 | $ 1,876 | ||
Less than 12 months, number of securities | Security | 461 | 461 | 113 | ||
More than 12 months, number of securities | Security | 8 | 8 | 2 | ||
Total, number of securities | Security | 469 | 469 | 115 | ||
Available for sale securities transferred at fair value to held to maturity | $ 0 | $ 0 | $ 0 | $ 0 | |
Proceeds from sale of available-for-sale securities | 0 | 0 | 0 | 0 | |
Gross realized gains (losses) on sale of available-for-sale securities | 0 | 0 | 0 | 0 | |
Other-than-temporary impairment losses | 0 | $ 0 | 0 | $ 0 | |
U.S. Government Sponsored Enterprises [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | 6,088 | 6,088 | $ 6,787 | ||
More than 12 months, fair value | 4,797 | 4,797 | 0 | ||
Total, fair value | 10,885 | 10,885 | 6,787 | ||
Less than 12 months, unrealized losses | 105 | 105 | 212 | ||
More than 12 months, unrealized losses | 203 | 203 | 0 | ||
Total, unrealized losses | $ 308 | $ 308 | $ 212 | ||
Less than 12 months, number of securities | Security | 3 | 3 | 2 | ||
More than 12 months, number of securities | Security | 1 | 1 | 0 | ||
Total, number of securities | Security | 4 | 4 | 2 | ||
U.S. Treasury Securities [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 17,592 | $ 17,592 | $ 1,970 | ||
More than 12 months, fair value | 0 | 0 | 0 | ||
Total, fair value | 17,592 | 17,592 | 1,970 | ||
Less than 12 months, unrealized losses | 109 | 109 | 1 | ||
More than 12 months, unrealized losses | 0 | 0 | 0 | ||
Total, unrealized losses | $ 109 | $ 109 | $ 1 | ||
Less than 12 months, number of securities | Security | 6 | 6 | 1 | ||
More than 12 months, number of securities | Security | 0 | 0 | 0 | ||
Total, number of securities | Security | 6 | 6 | 1 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 10,826 | $ 10,826 | $ 1,991 | ||
More than 12 months, fair value | 0 | 0 | 0 | ||
Total, fair value | 10,826 | 10,826 | 1,991 | ||
Less than 12 months, unrealized losses | 117 | 117 | 2 | ||
More than 12 months, unrealized losses | 0 | 0 | 0 | ||
Total, unrealized losses | $ 117 | $ 117 | $ 2 | ||
Less than 12 months, number of securities | Security | 4 | 4 | 1 | ||
More than 12 months, number of securities | Security | 0 | 0 | 0 | ||
Total, number of securities | Security | 4 | 4 | 1 | ||
State and Political Subdivisions [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 43,224 | $ 43,224 | |||
More than 12 months, fair value | 0 | 0 | |||
Total, fair value | 43,224 | 43,224 | |||
Less than 12 months, unrealized losses | 6 | 6 | |||
More than 12 months, unrealized losses | 0 | 0 | |||
Total, unrealized losses | $ 6 | $ 6 | |||
Less than 12 months, number of securities | Security | 34 | 34 | |||
More than 12 months, number of securities | Security | 0 | 0 | |||
Total, number of securities | Security | 34 | 34 | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 81,640 | $ 81,640 | $ 42,751 | ||
More than 12 months, fair value | 188 | 188 | 0 | ||
Total, fair value | 81,828 | 81,828 | 42,751 | ||
Less than 12 months, unrealized losses | 640 | 640 | 303 | ||
More than 12 months, unrealized losses | 4 | 4 | 0 | ||
Total, unrealized losses | $ 644 | $ 644 | $ 303 | ||
Less than 12 months, number of securities | Security | 344 | 344 | 76 | ||
More than 12 months, number of securities | Security | 1 | 1 | 0 | ||
Total, number of securities | Security | 345 | 345 | 76 | ||
Mortgage-backed Securities-Residential [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 22,885 | $ 22,885 | $ 19,071 | ||
More than 12 months, fair value | 0 | 0 | 0 | ||
Total, fair value | 22,885 | 22,885 | 19,071 | ||
Less than 12 months, unrealized losses | 214 | 214 | 167 | ||
More than 12 months, unrealized losses | 0 | 0 | 0 | ||
Total, unrealized losses | $ 214 | $ 214 | $ 167 | ||
Less than 12 months, number of securities | Security | 8 | 8 | 4 | ||
More than 12 months, number of securities | Security | 0 | 0 | 0 | ||
Total, number of securities | Security | 8 | 8 | 4 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 11,622 | $ 11,622 | $ 12,839 | ||
More than 12 months, fair value | 0 | 0 | 0 | ||
Total, fair value | 11,622 | 11,622 | 12,839 | ||
Less than 12 months, unrealized losses | 97 | 97 | 90 | ||
More than 12 months, unrealized losses | 0 | 0 | 0 | ||
Total, unrealized losses | $ 97 | $ 97 | $ 90 | ||
Less than 12 months, number of securities | Security | 2 | 2 | 2 | ||
More than 12 months, number of securities | Security | 0 | 0 | 0 | ||
Total, number of securities | Security | 2 | 2 | 2 | ||
Mortgage-backed Securities-Multi-family [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 82,027 | $ 82,027 | $ 59,176 | ||
More than 12 months, fair value | 12,613 | 12,613 | 2,469 | ||
Total, fair value | 94,640 | 94,640 | 61,645 | ||
Less than 12 months, unrealized losses | 2,505 | 2,505 | 933 | ||
More than 12 months, unrealized losses | 698 | 698 | 61 | ||
Total, unrealized losses | $ 3,203 | $ 3,203 | $ 994 | ||
Less than 12 months, number of securities | Security | 32 | 32 | 21 | ||
More than 12 months, number of securities | Security | 5 | 5 | 1 | ||
Total, number of securities | Security | 37 | 37 | 22 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 80,311 | $ 80,311 | $ 3,890 | ||
More than 12 months, fair value | 0 | 0 | 0 | ||
Total, fair value | 80,311 | 80,311 | 3,890 | ||
Less than 12 months, unrealized losses | 1,323 | 1,323 | 12 | ||
More than 12 months, unrealized losses | 0 | 0 | 0 | ||
Total, unrealized losses | $ 1,323 | $ 1,323 | $ 12 | ||
Less than 12 months, number of securities | Security | 24 | 24 | 3 | ||
More than 12 months, number of securities | Security | 0 | 0 | 0 | ||
Total, number of securities | Security | 24 | 24 | 3 | ||
Corporate Debt Securities [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 495 | $ 495 | $ 970 | ||
More than 12 months, fair value | 0 | 0 | 0 | ||
Total, fair value | 495 | 495 | 970 | ||
Less than 12 months, unrealized losses | 5 | 5 | 30 | ||
More than 12 months, unrealized losses | 0 | 0 | 0 | ||
Total, unrealized losses | $ 5 | $ 5 | $ 30 | ||
Less than 12 months, number of securities | Security | 1 | 1 | 1 | ||
More than 12 months, number of securities | Security | 0 | 0 | 0 | ||
Total, number of securities | Security | 1 | 1 | 1 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 2,735 | $ 2,735 | $ 2,506 | ||
More than 12 months, fair value | 488 | 488 | 471 | ||
Total, fair value | 3,223 | 3,223 | 2,977 | ||
Less than 12 months, unrealized losses | 51 | 51 | 36 | ||
More than 12 months, unrealized losses | 12 | 12 | 29 | ||
Total, unrealized losses | $ 63 | $ 63 | $ 65 | ||
Less than 12 months, number of securities | Security | 3 | 3 | 2 | ||
More than 12 months, number of securities | Security | 1 | 1 | 1 | ||
Total, number of securities | Security | 4 | 4 | 3 |
Securities, Securities by Contr
Securities, Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Available-for-sale Debt Securities, Amortized Cost [Abstract] | ||
Within one year | $ 219,655 | |
After one year through five years | 8,787 | |
After five years through ten years | 25,517 | |
After ten years | 1,500 | |
Total available-for-sale debt securities | 255,459 | |
Mortgage-backed securities | 149,201 | |
Amortized cost | 404,660 | $ 390,415 |
Available-for-sale Debt Securities, Fair Value [Abstract] | ||
Within one year | 219,736 | |
After one year through five years | 8,776 | |
After five years through ten years | 25,219 | |
After ten years | 1,500 | |
Total available-for-sale debt securities | 255,231 | |
Mortgage-backed securities | 146,393 | |
Estimated fair value | 401,624 | 390,890 |
Held-to-maturity Debt Securities, Amortized Cost [Abstract] | ||
Within one year | 62,888 | |
After one year through five years | 127,936 | |
After five years through ten years | 111,457 | |
After ten years | 171,453 | |
Total held-to-maturity debt securities | 473,734 | |
Mortgage-backed securities | 192,560 | |
Amortized cost | 666,294 | 496,914 |
Held-to-maturity Debt Securities, Fair Value [Abstract] | ||
Within one year | 63,591 | |
After one year through five years | 132,369 | |
After five years through ten years | 116,387 | |
After ten years | 177,050 | |
Total held-to-maturity debt securities | 489,397 | |
Mortgage-backed securities | 194,858 | |
Estimated fair value | 684,255 | 519,042 |
Total Debt Securities [Abstract] | ||
Amortized cost | 1,070,954 | 887,329 |
Estimated fair value | 1,085,879 | 909,932 |
Securities pledged as collateral for deposits in excess of FDIC insurance limits, fair value | 875,800 | 892,100 |
Securities pledged as collateral for potential borrowings at the Federal Reserve Bank discount window | $ 3,900 | $ 3,900 |
Securities, Federal Home Loan B
Securities, Federal Home Loan Bank Stock (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal Home Loan Bank Stock [Abstract] | ||||
Other-than-temporary impairment losses | $ 0 | $ 0 | $ 0 | $ 0 |
Federal Home Loan Bank Stock [Member] | ||||
Federal Home Loan Bank Stock [Abstract] | ||||
Other-than-temporary impairment losses | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses, Major Loan Segments and Classes (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 |
Major Loan Segments and Classes [Abstract] | ||||||
Total gross loans | $ 1,145,196 | $ 1,108,408 | ||||
Allowance for loan losses | (21,684) | $ (20,493) | (19,668) | $ (18,270) | $ (17,596) | $ (16,391) |
Unearned origination fees and costs, net | (547) | (2,793) | ||||
Net loans receivable | 1,122,965 | 1,085,947 | ||||
Residential Real Estate [Member] | Residential Real Estate [Member] | ||||||
Major Loan Segments and Classes [Abstract] | ||||||
Total gross loans | 334,385 | 325,167 | ||||
Allowance for loan losses | (1,981) | (1,997) | (2,012) | (1,998) | (1,463) | (2,091) |
Residential Real Estate [Member] | Construction and Land [Member] | ||||||
Major Loan Segments and Classes [Abstract] | ||||||
Total gross loans | 13,884 | 10,185 | ||||
Allowance for loan losses | (115) | (120) | (106) | (90) | (118) | (141) |
Residential Real Estate [Member] | Multi-family [Member] | ||||||
Major Loan Segments and Classes [Abstract] | ||||||
Total gross loans | 44,450 | 41,951 | ||||
Allowance for loan losses | (76) | (100) | (186) | (276) | (180) | (176) |
Commercial Real Estate [Member] | Real Estate [Member] | ||||||
Major Loan Segments and Classes [Abstract] | ||||||
Total gross loans | 534,244 | 472,887 | ||||
Allowance for loan losses | (15,616) | (14,298) | (13,049) | (10,207) | (9,384) | (8,634) |
Commercial Real Estate [Member] | Construction [Member] | ||||||
Major Loan Segments and Classes [Abstract] | ||||||
Total gross loans | 75,417 | 62,763 | ||||
Allowance for loan losses | (1,250) | (1,198) | (1,535) | (1,847) | (1,961) | (2,053) |
Consumer Loan [Member] | Home Equity [Member] | ||||||
Major Loan Segments and Classes [Abstract] | ||||||
Total gross loans | 18,803 | 18,285 | ||||
Allowance for loan losses | (89) | (140) | (165) | (265) | (272) | (295) |
Consumer Loan [Member] | Consumer Installment [Member] | ||||||
Major Loan Segments and Classes [Abstract] | ||||||
Total gross loans | 4,669 | 4,942 | ||||
Allowance for loan losses | (280) | (290) | (267) | (256) | (350) | (197) |
Commercial Loans [Member] | ||||||
Major Loan Segments and Classes [Abstract] | ||||||
Total gross loans | 119,344 | 172,228 | ||||
Allowance for loan losses | $ (2,277) | $ (2,350) | $ (2,348) | $ (3,331) | $ (3,868) | $ (2,804) |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses, Paycheck Protection Program (PPP) (Details) - PPP Loans [Member] $ in Millions | 3 Months Ended | ||
Dec. 31, 2021USD ($)Loan | Dec. 31, 2020USD ($) | Jun. 30, 2021USD ($)Loan | |
PPP Loans [Abstract] | |||
Number of loans | Loan | 181 | 835 | |
Loans | $ 15 | $ 67.4 | |
Fee income | $ 1 | $ 1.4 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses, Loan Balances by Internal Credit Quality Indicator (Details) $ in Thousands | 6 Months Ended | |
Dec. 31, 2021USD ($)Segment | Jun. 30, 2021USD ($) | |
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Number of segments within loan portfolio | Segment | 4 | |
Total gross loans | $ 1,145,196 | $ 1,108,408 |
Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 1,097,815 | 1,058,741 |
Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 8,070 | 16,685 |
Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 39,311 | 32,982 |
Doubtful [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Loss [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | $ 0 | 0 |
Residential Real Estate [Member] | Maximum [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Loan-to-value ratio | 85.00% | |
Residential Real Estate [Member] | Residential Real Estate [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | $ 334,385 | 325,167 |
Residential Real Estate [Member] | Residential Real Estate [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 331,056 | 321,826 |
Residential Real Estate [Member] | Residential Real Estate [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 32 | 88 |
Residential Real Estate [Member] | Residential Real Estate [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 3,297 | 3,253 |
Residential Real Estate [Member] | Construction and Land [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 13,884 | 10,185 |
Residential Real Estate [Member] | Construction and Land [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 13,884 | 10,185 |
Residential Real Estate [Member] | Construction and Land [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Residential Real Estate [Member] | Construction and Land [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Residential Real Estate [Member] | Multi-family [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 44,450 | 41,951 |
Residential Real Estate [Member] | Multi-family [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 44,355 | 41,589 |
Residential Real Estate [Member] | Multi-family [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 95 | 0 |
Residential Real Estate [Member] | Multi-family [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 362 |
Commercial Real Estate [Member] | Real Estate [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 534,244 | 472,887 |
Commercial Real Estate [Member] | Real Estate [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 497,947 | 441,004 |
Commercial Real Estate [Member] | Real Estate [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 6,801 | 9,690 |
Commercial Real Estate [Member] | Real Estate [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 29,496 | 22,193 |
Commercial Real Estate [Member] | Construction [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 75,417 | 62,763 |
Commercial Real Estate [Member] | Construction [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 74,817 | 55,819 |
Commercial Real Estate [Member] | Construction [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 5,944 |
Commercial Real Estate [Member] | Construction [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 600 | 1,000 |
Consumer Loan [Member] | Home Equity [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 18,803 | 18,285 |
Consumer Loan [Member] | Home Equity [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 18,344 | 17,727 |
Consumer Loan [Member] | Home Equity [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Consumer Loan [Member] | Home Equity [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 459 | 558 |
Consumer Loan [Member] | Consumer Installment [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 4,669 | 4,942 |
Consumer Loan [Member] | Consumer Installment [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 4,669 | 4,942 |
Consumer Loan [Member] | Consumer Installment [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Consumer Loan [Member] | Consumer Installment [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Commercial Loans [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 119,344 | 172,228 |
Commercial Loans [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 112,743 | 165,649 |
Commercial Loans [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 1,142 | 963 |
Commercial Loans [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | $ 5,459 | $ 5,616 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses, Delinquent and/or Nonaccrual Loans by Past Due Status (Details) | 6 Months Ended | |
Dec. 31, 2021USD ($)Loan | Jun. 30, 2021USD ($)Loan | |
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | $ 1,145,196,000 | $ 1,108,408,000 |
Loans on non-accrual | 3,875,000 | 2,301,000 |
Loans in the process of foreclosure | 459,000 | 260,000 |
Nonaccrual loans with recent history of delinquency greater than 90 days | 836,000 | 1,200,000 |
Loans placed into nonaccrual status | 2,400,000 | |
Loan repayments | 715,000 | |
Charge-offs | 97,000 | |
Accruing loans delinquent more than 90 days | 0 | 0 |
Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 10,991,000 | 7,352,000 |
30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 6,158,000 | 59,000 |
60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 1,794,000 | 6,179,000 |
90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 3,039,000 | 1,114,000 |
Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 1,134,205,000 | 1,101,056,000 |
Residential Real Estate [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Loans in the process of foreclosure | $ 357,000 | $ 158,000 |
Number of loans in the process of foreclosure | Loan | 3 | 2 |
Residential Real Estate [Member] | Residential Real Estate [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | $ 334,385,000 | $ 325,167,000 |
Loans on non-accrual | 2,916,000 | 1,324,000 |
Residential Real Estate [Member] | Residential Real Estate [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 6,298,000 | 1,280,000 |
Residential Real Estate [Member] | Residential Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 2,984,000 | 0 |
Residential Real Estate [Member] | Residential Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 1,112,000 | 630,000 |
Residential Real Estate [Member] | Residential Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 2,202,000 | 650,000 |
Residential Real Estate [Member] | Residential Real Estate [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 328,087,000 | 323,887,000 |
Residential Real Estate [Member] | Construction and Land [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 13,884,000 | 10,185,000 |
Loans on non-accrual | 0 | 0 |
Residential Real Estate [Member] | Construction and Land [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 3,000 | 0 |
Residential Real Estate [Member] | Construction and Land [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 0 | 0 |
Residential Real Estate [Member] | Construction and Land [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 3,000 | 0 |
Residential Real Estate [Member] | Construction and Land [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 0 | 0 |
Residential Real Estate [Member] | Construction and Land [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 13,881,000 | 10,185,000 |
Residential Real Estate [Member] | Multi-family [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 44,450,000 | 41,951,000 |
Loans on non-accrual | 0 | 0 |
Residential Real Estate [Member] | Multi-family [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 0 | 0 |
Residential Real Estate [Member] | Multi-family [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 0 | 0 |
Residential Real Estate [Member] | Multi-family [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 0 | 0 |
Residential Real Estate [Member] | Multi-family [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 0 | 0 |
Residential Real Estate [Member] | Multi-family [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 44,450,000 | 41,951,000 |
Commercial Real Estate [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Loans in the process of foreclosure | $ 102,000 | $ 102,000 |
Number of loans in the process of foreclosure | Loan | 1 | 1 |
Commercial Real Estate [Member] | Real Estate [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | $ 534,244,000 | $ 472,887,000 |
Loans on non-accrual | 257,000 | 444,000 |
Commercial Real Estate [Member] | Real Estate [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 3,494,000 | 5,389,000 |
Commercial Real Estate [Member] | Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 2,838,000 | 0 |
Commercial Real Estate [Member] | Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 450,000 | 5,266,000 |
Commercial Real Estate [Member] | Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 206,000 | 123,000 |
Commercial Real Estate [Member] | Real Estate [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 530,750,000 | 467,498,000 |
Commercial Real Estate [Member] | Construction [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 75,417,000 | 62,763,000 |
Loans on non-accrual | 0 | 0 |
Commercial Real Estate [Member] | Construction [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 0 | 0 |
Commercial Real Estate [Member] | Construction [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 0 | 0 |
Commercial Real Estate [Member] | Construction [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 0 | 0 |
Commercial Real Estate [Member] | Construction [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 0 | 0 |
Commercial Real Estate [Member] | Construction [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 75,417,000 | 62,763,000 |
Consumer Loan [Member] | Home Equity [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 18,803,000 | 18,285,000 |
Loans on non-accrual | 191,000 | 237,000 |
Consumer Loan [Member] | Home Equity [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 299,000 | 297,000 |
Consumer Loan [Member] | Home Equity [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 119,000 | 33,000 |
Consumer Loan [Member] | Home Equity [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 0 | 40,000 |
Consumer Loan [Member] | Home Equity [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 180,000 | 224,000 |
Consumer Loan [Member] | Home Equity [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 18,504,000 | 17,988,000 |
Consumer Loan [Member] | Consumer Installment [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 4,669,000 | 4,942,000 |
Loans on non-accrual | 0 | 0 |
Consumer Loan [Member] | Consumer Installment [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 57,000 | 39,000 |
Consumer Loan [Member] | Consumer Installment [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 45,000 | 26,000 |
Consumer Loan [Member] | Consumer Installment [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 12,000 | 13,000 |
Consumer Loan [Member] | Consumer Installment [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 0 | 0 |
Consumer Loan [Member] | Consumer Installment [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 4,612,000 | 4,903,000 |
Commercial Loans [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 119,344,000 | 172,228,000 |
Loans on non-accrual | 511,000 | 296,000 |
Commercial Loans [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 840,000 | 347,000 |
Commercial Loans [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 172,000 | 0 |
Commercial Loans [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 217,000 | 230,000 |
Commercial Loans [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 451,000 | 117,000 |
Commercial Loans [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | $ 118,504,000 | $ 171,881,000 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses, Impaired Loans By Loan Portfolio Class (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | |
Loans and Allowance for Loan Losses [Abstract] | |||||
Threshold principal amount of nonaccrual loans evaluated individually for impairment | $ 100,000 | $ 100,000 | |||
With no related allowance recorded [Abstract] | |||||
Recorded investment | 1,433,000 | 1,433,000 | $ 970,000 | ||
Unpaid principal | 1,433,000 | 1,433,000 | 970,000 | ||
Average recorded investment | 1,511,000 | $ 986,000 | 1,201,000 | $ 1,125,000 | |
Interest income recognized | 17,000 | 12,000 | 20,000 | 18,000 | |
With an allowance recorded [Abstract] | |||||
Recorded investment | 6,850,000 | 6,850,000 | 5,325,000 | ||
Unpaid principal | 6,850,000 | 6,850,000 | 5,325,000 | ||
Related allowance | 1,102,000 | 1,102,000 | 391,000 | ||
Average recorded investment | 6,477,000 | 1,573,000 | 5,813,000 | 1,745,000 | |
Interest income recognized | 86,000 | 17,000 | 144,000 | 26,000 | |
Total impaired [Abstract] | |||||
Recorded investment | 8,283,000 | 8,283,000 | 6,295,000 | ||
Unpaid principal | 8,283,000 | 8,283,000 | 6,295,000 | ||
Related allowance | 1,102,000 | 1,102,000 | 391,000 | ||
Average recorded investment | 7,988,000 | 2,559,000 | 7,014,000 | 2,870,000 | |
Interest income recognized | 103,000 | 29,000 | 164,000 | 44,000 | |
Residential Real Estate [Member] | Residential Real Estate [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded investment | 904,000 | 904,000 | 370,000 | ||
Unpaid principal | 904,000 | 904,000 | 370,000 | ||
Average recorded investment | 664,000 | 392,000 | 442,000 | 397,000 | |
Interest income recognized | 10,000 | 3,000 | 10,000 | 8,000 | |
With an allowance recorded [Abstract] | |||||
Recorded investment | 2,227,000 | 2,227,000 | 723,000 | ||
Unpaid principal | 2,227,000 | 2,227,000 | 723,000 | ||
Related allowance | 630,000 | 630,000 | 103,000 | ||
Average recorded investment | 1,958,000 | 1,064,000 | 1,338,000 | 1,225,000 | |
Interest income recognized | 28,000 | 12,000 | 33,000 | 17,000 | |
Total impaired [Abstract] | |||||
Recorded investment | 3,131,000 | 3,131,000 | 1,093,000 | ||
Unpaid principal | 3,131,000 | 3,131,000 | 1,093,000 | ||
Related allowance | 630,000 | 630,000 | 103,000 | ||
Average recorded investment | 2,622,000 | 1,456,000 | 1,780,000 | 1,622,000 | |
Interest income recognized | 38,000 | 15,000 | 43,000 | 25,000 | |
Residential Real Estate [Member] | Multi-family [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded investment | 0 | ||||
Unpaid principal | 0 | ||||
Average recorded investment | 0 | 61,000 | |||
Interest income recognized | 0 | 0 | |||
With an allowance recorded [Abstract] | |||||
Related allowance | 0 | ||||
Total impaired [Abstract] | |||||
Recorded investment | 0 | ||||
Unpaid principal | 0 | ||||
Related allowance | 0 | ||||
Average recorded investment | 0 | 61,000 | |||
Interest income recognized | 0 | 0 | |||
Commercial Real Estate [Member] | Real Estate [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded investment | 73,000 | 73,000 | 281,000 | ||
Unpaid principal | 73,000 | 73,000 | 281,000 | ||
Average recorded investment | 539,000 | 321,000 | 492,000 | 328,000 | |
Interest income recognized | 5,000 | 1,000 | 8,000 | 2,000 | |
With an allowance recorded [Abstract] | |||||
Recorded investment | 938,000 | 938,000 | 945,000 | ||
Unpaid principal | 938,000 | 938,000 | 945,000 | ||
Related allowance | 89,000 | 89,000 | 58,000 | ||
Average recorded investment | 612,000 | 0 | 696,000 | 0 | |
Interest income recognized | 8,000 | 0 | 18,000 | 0 | |
Total impaired [Abstract] | |||||
Recorded investment | 1,011,000 | 1,011,000 | 1,226,000 | ||
Unpaid principal | 1,011,000 | 1,011,000 | 1,226,000 | ||
Related allowance | 89,000 | 89,000 | 58,000 | ||
Average recorded investment | 1,151,000 | 321,000 | 1,188,000 | 328,000 | |
Interest income recognized | 13,000 | 1,000 | 26,000 | 2,000 | |
Commercial Real Estate [Member] | Construction [Member] | |||||
With an allowance recorded [Abstract] | |||||
Recorded investment | 102,000 | 102,000 | 102,000 | ||
Unpaid principal | 102,000 | 102,000 | 102,000 | ||
Related allowance | 1,000 | 1,000 | 1,000 | ||
Average recorded investment | 102,000 | 102,000 | 102,000 | 102,000 | |
Interest income recognized | 0 | 0 | 0 | 0 | |
Total impaired [Abstract] | |||||
Recorded investment | 102,000 | 102,000 | 102,000 | ||
Unpaid principal | 102,000 | 102,000 | 102,000 | ||
Related allowance | 1,000 | 1,000 | 1,000 | ||
Average recorded investment | 102,000 | 102,000 | 102,000 | 102,000 | |
Interest income recognized | 0 | 0 | 0 | 0 | |
Consumer Loan [Member] | Home Equity [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded investment | 128,000 | 128,000 | 224,000 | ||
Unpaid principal | 128,000 | 128,000 | 224,000 | ||
Average recorded investment | 128,000 | 162,000 | 128,000 | 145,000 | |
Interest income recognized | 0 | 0 | 0 | 0 | |
With an allowance recorded [Abstract] | |||||
Recorded investment | 321,000 | 321,000 | 321,000 | ||
Unpaid principal | 321,000 | 321,000 | 321,000 | ||
Related allowance | 45,000 | 45,000 | 73,000 | ||
Average recorded investment | 321,000 | 391,000 | 321,000 | 410,000 | |
Interest income recognized | 3,000 | 4,000 | 6,000 | 8,000 | |
Total impaired [Abstract] | |||||
Recorded investment | 449,000 | 449,000 | 545,000 | ||
Unpaid principal | 449,000 | 449,000 | 545,000 | ||
Related allowance | 45,000 | 45,000 | 73,000 | ||
Average recorded investment | 449,000 | 553,000 | 449,000 | 555,000 | |
Interest income recognized | 3,000 | 4,000 | 6,000 | 8,000 | |
Commercial Loans [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded investment | 328,000 | 328,000 | 95,000 | ||
Unpaid principal | 328,000 | 328,000 | 95,000 | ||
Average recorded investment | 180,000 | 111,000 | 139,000 | 194,000 | |
Interest income recognized | 2,000 | 8,000 | 2,000 | 8,000 | |
With an allowance recorded [Abstract] | |||||
Recorded investment | 3,262,000 | 3,262,000 | 3,234,000 | ||
Unpaid principal | 3,262,000 | 3,262,000 | 3,234,000 | ||
Related allowance | 337,000 | 337,000 | 156,000 | ||
Average recorded investment | 3,484,000 | 16,000 | 3,356,000 | 8,000 | |
Interest income recognized | 47,000 | 1,000 | 87,000 | 1,000 | |
Total impaired [Abstract] | |||||
Recorded investment | 3,590,000 | 3,590,000 | 3,329,000 | ||
Unpaid principal | 3,590,000 | 3,590,000 | 3,329,000 | ||
Related allowance | 337,000 | 337,000 | $ 156,000 | ||
Average recorded investment | 3,664,000 | 127,000 | 3,495,000 | 202,000 | |
Interest income recognized | $ 49,000 | $ 9,000 | $ 89,000 | $ 9,000 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses, Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2021Contract | Dec. 31, 2020Contract | Dec. 31, 2021Contract | Dec. 31, 2020Contract | Jun. 30, 2021USD ($)Contract | Jun. 30, 2020Contract | |
Troubled Debt Restructurings [Abstract] | ||||||
TDR loans which have subsequently defaulted during the period | Contract | 0 | 0 | 0 | 0 | 0 | 0 |
Commercial and Commercial Real Estate [Member] | ||||||
Troubled Debt Restructurings [Abstract] | ||||||
Number of contracts | Contract | 0 | |||||
Commercial Loans [Member] | ||||||
Troubled Debt Restructurings [Abstract] | ||||||
Number of contracts | Contract | 5 | |||||
Pre-modification outstanding recorded investment | $ 3,001 | |||||
Post-modification outstanding recorded investment | 2,903 | |||||
Current outstanding recorded investment | $ 2,896 | |||||
Commercial Real Estate [Member] | ||||||
Troubled Debt Restructurings [Abstract] | ||||||
Number of contracts | Contract | 3 | |||||
Pre-modification outstanding recorded investment | $ 1,325 | |||||
Post-modification outstanding recorded investment | 1,287 | |||||
Current outstanding recorded investment | $ 1,284 | |||||
Residential Real Estate [Member] | ||||||
Troubled Debt Restructurings [Abstract] | ||||||
Number of contracts | Contract | 1 | |||||
Pre-modification outstanding recorded investment | $ 70 | |||||
Post-modification outstanding recorded investment | 70 | |||||
Current outstanding recorded investment | $ 69 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses, Deferred Loan Payments (Details) $ in Thousands | Dec. 31, 2021USD ($)Loan | Jun. 30, 2021USD ($)Loan |
Total Deferral [Member] | ||
Deferred Loan Payments [Abstract] | ||
Balance | $ | $ 264 | $ 8,037 |
Number of loans | Loan | 2 | 8 |
Full Payment Deferral [Member] | ||
Deferred Loan Payments [Abstract] | ||
Balance | $ | $ 0 | $ 6,691 |
Number of loans | Loan | 0 | 5 |
Principal Payment Deferral [Member] | ||
Deferred Loan Payments [Abstract] | ||
Balance | $ | $ 264 | $ 1,346 |
Number of loans | Loan | 2 | 3 |
Commercial Real Estate [Member] | Total Deferral [Member] | ||
Deferred Loan Payments [Abstract] | ||
Balance | $ | $ 99 | $ 7,465 |
Number of loans | Loan | 1 | 6 |
Commercial Real Estate [Member] | Full Payment Deferral [Member] | ||
Deferred Loan Payments [Abstract] | ||
Balance | $ | $ 0 | $ 6,119 |
Number of loans | Loan | 0 | 3 |
Commercial Real Estate [Member] | Principal Payment Deferral [Member] | ||
Deferred Loan Payments [Abstract] | ||
Balance | $ | $ 99 | $ 1,346 |
Number of loans | Loan | 1 | 3 |
Commercial Loans [Member] | Total Deferral [Member] | ||
Deferred Loan Payments [Abstract] | ||
Balance | $ | $ 572 | |
Number of loans | Loan | 2 | |
Commercial Loans [Member] | Full Payment Deferral [Member] | ||
Deferred Loan Payments [Abstract] | ||
Balance | $ | $ 572 | |
Number of loans | Loan | 2 | |
Commercial Loans [Member] | Principal Payment Deferral [Member] | ||
Deferred Loan Payments [Abstract] | ||
Balance | $ | $ 0 | |
Number of loans | Loan | 0 | |
Residential Real Estate [Member] | Total Deferral [Member] | ||
Deferred Loan Payments [Abstract] | ||
Balance | $ | $ 165 | |
Number of loans | Loan | 1 | |
Residential Real Estate [Member] | Full Payment Deferral [Member] | ||
Deferred Loan Payments [Abstract] | ||
Balance | $ | $ 0 | |
Number of loans | Loan | 0 | |
Residential Real Estate [Member] | Principal Payment Deferral [Member] | ||
Deferred Loan Payments [Abstract] | ||
Balance | $ | $ 165 | |
Number of loans | Loan | 1 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses, Activity and Allocation of Allowance for Loan Losses (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | |
Allowance for Loan Losses [Abstract] | |||||
Threshold principal amount of nonaccrual loans evaluated individually for impairment | $ 100,000 | $ 100,000 | |||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 20,493,000 | $ 17,596,000 | 19,668,000 | $ 16,391,000 | |
Charge-offs | 117,000 | 611,000 | 318,000 | 672,000 | |
Recoveries | 28,000 | 23,000 | 66,000 | 46,000 | |
Provision | 1,280,000 | 1,262,000 | 2,268,000 | 2,505,000 | |
Balance, end of period | 21,684,000 | 18,270,000 | 21,684,000 | 18,270,000 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 1,102,000 | 1,102,000 | $ 391,000 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 20,582,000 | 20,582,000 | 19,277,000 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 8,283,000 | 8,283,000 | 6,295,000 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | $ 1,136,913,000 | $ 1,136,913,000 | 1,102,113,000 | ||
Smaller Business Loans [Member] | Unsecured [Member] | |||||
Allowance for Loan Losses [Abstract] | |||||
Threshold period to charge off loans against allowance for loan losses | 90 days | 90 days | |||
Residential Real Estate [Member] | Residential Real Estate [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | $ 1,997,000 | 1,463,000 | $ 2,012,000 | 2,091,000 | |
Charge-offs | 0 | 26,000 | 0 | 26,000 | |
Recoveries | 7,000 | 4,000 | 7,000 | 7,000 | |
Provision | (23,000) | 557,000 | (38,000) | (74,000) | |
Balance, end of period | 1,981,000 | 1,998,000 | 1,981,000 | 1,998,000 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 630,000 | 630,000 | 103,000 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 1,351,000 | 1,351,000 | 1,909,000 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 3,131,000 | 3,131,000 | 1,093,000 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | 331,254,000 | 331,254,000 | 324,074,000 | ||
Residential Real Estate [Member] | Construction and Land [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 120,000 | 118,000 | 106,000 | 141,000 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | (5,000) | (28,000) | 9,000 | (51,000) | |
Balance, end of period | 115,000 | 90,000 | 115,000 | 90,000 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 0 | 0 | 0 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 115,000 | 115,000 | 106,000 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 0 | 0 | 0 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | 13,884,000 | 13,884,000 | 10,185,000 | ||
Residential Real Estate [Member] | Multi-family [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 100,000 | 180,000 | 186,000 | 176,000 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | (24,000) | 96,000 | (110,000) | 100,000 | |
Balance, end of period | 76,000 | 276,000 | 76,000 | 276,000 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 0 | 0 | 0 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 76,000 | 76,000 | 186,000 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 0 | 0 | 0 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | 44,450,000 | 44,450,000 | 41,951,000 | ||
Commercial Real Estate [Member] | Real Estate [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 14,298,000 | 9,384,000 | 13,049,000 | 8,634,000 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 1,318,000 | 823,000 | 2,567,000 | 1,573,000 | |
Balance, end of period | 15,616,000 | 10,207,000 | 15,616,000 | 10,207,000 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 89,000 | 89,000 | 58,000 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 15,527,000 | 15,527,000 | 12,991,000 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 1,011,000 | 1,011,000 | 1,226,000 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | 533,233,000 | 533,233,000 | 471,661,000 | ||
Commercial Real Estate [Member] | Construction [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 1,198,000 | 1,961,000 | 1,535,000 | 2,053,000 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 52,000 | (114,000) | (285,000) | (206,000) | |
Balance, end of period | 1,250,000 | 1,847,000 | 1,250,000 | 1,847,000 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 1,000 | 1,000 | 1,000 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 1,249,000 | 1,249,000 | 1,534,000 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 102,000 | 102,000 | 102,000 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | $ 75,315,000 | $ 75,315,000 | 62,661,000 | ||
Consumer Loan [Member] | Unsecured [Member] | |||||
Allowance for Loan Losses [Abstract] | |||||
Threshold period to charge off loans against allowance for loan losses | 90 days | 90 days | |||
Consumer Loan [Member] | Home Equity [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | $ 140,000 | 272,000 | $ 165,000 | 295,000 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | (51,000) | (7,000) | (76,000) | (30,000) | |
Balance, end of period | 89,000 | 265,000 | 89,000 | 265,000 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 45,000 | 45,000 | 73,000 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 44,000 | 44,000 | 92,000 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 449,000 | 449,000 | 545,000 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | 18,354,000 | 18,354,000 | 17,740,000 | ||
Consumer Loan [Member] | Consumer Installment [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 290,000 | 350,000 | 267,000 | 197,000 | |
Charge-offs | 107,000 | 85,000 | 211,000 | 146,000 | |
Recoveries | 20,000 | 19,000 | 57,000 | 39,000 | |
Provision | 77,000 | (28,000) | 167,000 | 166,000 | |
Balance, end of period | 280,000 | 256,000 | 280,000 | 256,000 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 0 | 0 | 0 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 280,000 | 280,000 | 267,000 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 0 | 0 | 0 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | 4,669,000 | $ 4,669,000 | 4,942,000 | ||
Consumer Loan [Member] | Consumer Installment [Member] | Unsecured [Member] | |||||
Allowance for Loan Losses [Abstract] | |||||
Threshold period to charge off overdrawn deposit accounts against allowance for loan losses | 60 days | ||||
Commercial Loans [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 2,350,000 | 3,868,000 | $ 2,348,000 | 2,804,000 | |
Charge-offs | 10,000 | 500,000 | 107,000 | 500,000 | |
Recoveries | 1,000 | 0 | 2,000 | 0 | |
Provision | (64,000) | (37,000) | 34,000 | 1,027,000 | |
Balance, end of period | 2,277,000 | $ 3,331,000 | 2,277,000 | $ 3,331,000 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 337,000 | 337,000 | 156,000 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 1,940,000 | 1,940,000 | 2,192,000 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 3,590,000 | 3,590,000 | 3,329,000 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | $ 115,754,000 | $ 115,754,000 | $ 168,899,000 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses, Foreclosed Real Estate (FRE) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Foreclosed Real Estate [Abstract] | ||
Foreclosed real estate | $ 0 | $ 64 |
Residential Real Estate [Member] | ||
Foreclosed Real Estate [Abstract] | ||
Foreclosed real estate | $ 0 | $ 64 |
Fair Value Measurements and F_3
Fair Value Measurements and Fair Value of Financial Instruments, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Assets [Abstract] | ||
Securities available-for-sale | $ 401,624 | $ 390,890 |
Equity securities | 292 | 307 |
Recurring [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 401,624 | 390,890 |
Equity securities | 292 | 307 |
Total securities measured at fair value | 401,916 | 391,197 |
Recurring [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 12,770 | 12,903 |
Recurring [Member] | U.S. Treasury Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 19,533 | 19,836 |
Recurring [Member] | State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 219,843 | 200,656 |
Recurring [Member] | Mortgage-backed Securities-Residential [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 33,407 | 34,981 |
Recurring [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 112,986 | 119,407 |
Recurring [Member] | Corporate Debt Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 3,085 | 3,107 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Equity securities | 292 | 307 |
Total securities measured at fair value | 292 | 307 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Treasury Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Mortgage-backed Securities-Residential [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Corporate Debt Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 401,624 | 390,890 |
Equity securities | 0 | 0 |
Total securities measured at fair value | 401,624 | 390,890 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 12,770 | 12,903 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 19,533 | 19,836 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 219,843 | 200,656 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed Securities-Residential [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 33,407 | 34,981 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 112,986 | 119,407 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 3,085 | 3,107 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Equity securities | 0 | 0 |
Total securities measured at fair value | 0 | 0 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage-backed Securities-Residential [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate Debt Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | $ 0 | $ 0 |
Fair Value Measurements and F_4
Fair Value Measurements and Fair Value of Financial Instruments, Assets and Liabilities Measured on Nonrecurring Basis (Details) $ in Thousands | 6 Months Ended | |
Dec. 31, 2021USD ($)Approach | Jun. 30, 2021USD ($) | |
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Impaired loans, recorded investment | $ 8,283 | $ 6,295 |
Impaired loans, related allowance | 1,102 | 391 |
Nonrecurring [Member] | ||
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Impaired loans, recorded investment | 7,027 | 5,449 |
Impaired loans, related allowance | 1,102 | 391 |
Impaired loans, fair value | $ 5,925 | 5,058 |
Foreclosed real estate, recorded investment | 64 | |
Foreclosed real estate, related allowance | 0 | |
Foreclosed real estate, fair value | 64 | |
Nonrecurring [Member] | Maximum [Member] | ||
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Number of approaches used for appraisals | Approach | 3 | |
Nonrecurring [Member] | Level 1 [Member] | ||
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Impaired loans, fair value | $ 0 | 0 |
Foreclosed real estate, fair value | 0 | |
Nonrecurring [Member] | Level 2 [Member] | ||
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Impaired loans, fair value | 0 | 0 |
Foreclosed real estate, fair value | 0 | |
Nonrecurring [Member] | Level 3 [Member] | ||
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Impaired loans, fair value | $ 5,925 | 5,058 |
Foreclosed real estate, fair value | $ 64 |
Fair Value Measurements and F_5
Fair Value Measurements and Fair Value of Financial Instruments, Fair Value Inputs, Assets, Quantitative Information (Details) $ in Thousands | Dec. 31, 2021USD ($) | Jun. 30, 2021USD ($) | |
Nonrecurring [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans | $ 5,925 | $ 5,058 | |
Foreclosed real estate | 64 | ||
Level 3 [Member] | Appraisal of Collateral [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans | [1] | 3,086 | 473 |
Foreclosed real estate | [1] | 64 | |
Level 3 [Member] | Discounted Cash Flow [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans | 2,839 | 4,585 | |
Level 3 [Member] | Nonrecurring [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans | $ 5,925 | 5,058 | |
Foreclosed real estate | $ 64 | ||
Level 3 [Member] | Appraisal Adjustments [Member] | Appraisal of Collateral [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Foreclosed real estate, measurement input | [1],[2] | 0 | |
Level 3 [Member] | Appraisal Adjustments [Member] | Appraisal of Collateral [Member] | Minimum [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | [1],[2] | 0.0706 | 0.0706 |
Level 3 [Member] | Appraisal Adjustments [Member] | Appraisal of Collateral [Member] | Maximum [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | [1],[2] | 0.3373 | 0.3373 |
Level 3 [Member] | Appraisal Adjustments [Member] | Appraisal of Collateral [Member] | Weighted Average [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | [1],[2] | 0.2712 | 0.2494 |
Foreclosed real estate, measurement input | [1],[2] | 0 | |
Level 3 [Member] | Liquidation Expenses [Member] | Appraisal of Collateral [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Foreclosed real estate, measurement input | [1],[3] | 0.0870 | |
Level 3 [Member] | Liquidation Expenses [Member] | Appraisal of Collateral [Member] | Minimum [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | [1],[3] | 0.0398 | 0.0398 |
Level 3 [Member] | Liquidation Expenses [Member] | Appraisal of Collateral [Member] | Maximum [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | [1],[3] | 0.0558 | 0.0558 |
Level 3 [Member] | Liquidation Expenses [Member] | Appraisal of Collateral [Member] | Weighted Average [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | [1],[3] | 0.0441 | 0.0450 |
Foreclosed real estate, measurement input | [1],[3] | 0.0870 | |
Level 3 [Member] | Discount Rate [Member] | Discounted Cash Flow [Member] | Minimum [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | 0.0419 | 0.0419 | |
Level 3 [Member] | Discount Rate [Member] | Discounted Cash Flow [Member] | Maximum [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | 0.0749 | 0.0749 | |
Level 3 [Member] | Discount Rate [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | 0.0666 | 0.0599 | |
[1] | Fair value is generally determined through independent third-party appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable. | ||
[2] | Appraisals may be adjusted downwards by management for qualitative factors such as economic conditions. Higher downward adjustments are caused by negative changes to the collateral or conditions in the real estate market, actual offers or sales contracts received or age of the appraisal. | ||
[3] | Appraisals are adjusted downwards by management for qualitative factors such as the estimated costs to liquidate the collateral. |
Fair Value Measurements and F_6
Fair Value Measurements and Fair Value of Financial Instruments, Carrying Amount and Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Securities available-for-sale | $ 401,624 | $ 390,890 |
Equity securities | 292 | 307 |
Carrying Amount [Member] | ||
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Cash and cash equivalents | 63,528 | 149,775 |
Long term certificate of deposit | 4,362 | 4,553 |
Securities available-for-sale | 401,624 | 390,890 |
Securities held-to-maturity | 666,294 | 496,914 |
Equity securities | 292 | 307 |
Federal Home Loan Bank stock | 2,891 | 1,091 |
Net loans receivable | 1,122,965 | 1,085,947 |
Accrued interest receivable | 8,392 | 7,781 |
Deposits | 2,073,357 | 2,005,108 |
Borrowings | 40,000 | 3,000 |
Subordinated notes payable, net | 49,217 | 19,644 |
Accrued interest payable | 635 | 346 |
Fair Value [Member] | ||
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Cash and cash equivalents | 63,528 | 149,775 |
Long term certificate of deposit | 4,449 | 4,719 |
Securities available-for-sale | 401,624 | 390,890 |
Securities held-to-maturity | 684,255 | 519,042 |
Equity securities | 292 | 307 |
Federal Home Loan Bank stock | 2,891 | 1,091 |
Net loans receivable | 1,111,570 | 1,081,669 |
Accrued interest receivable | 8,392 | 7,781 |
Deposits | 2,073,635 | 2,005,483 |
Borrowings | 40,052 | 3,005 |
Subordinated notes payable, net | 49,914 | 19,858 |
Accrued interest payable | 635 | 346 |
Fair Value [Member] | Level 1 [Member] | ||
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Cash and cash equivalents | 63,528 | 149,775 |
Long term certificate of deposit | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Equity securities | 292 | 307 |
Federal Home Loan Bank stock | 0 | 0 |
Net loans receivable | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Subordinated notes payable, net | 0 | 0 |
Accrued interest payable | 0 | 0 |
Fair Value [Member] | Level 2 [Member] | ||
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Long term certificate of deposit | 4,449 | 4,719 |
Securities available-for-sale | 401,624 | 390,890 |
Securities held-to-maturity | 684,255 | 519,042 |
Equity securities | 0 | 0 |
Federal Home Loan Bank stock | 2,891 | 1,091 |
Net loans receivable | 0 | 0 |
Accrued interest receivable | 8,392 | 7,781 |
Deposits | 2,073,635 | 2,005,483 |
Borrowings | 40,052 | 3,005 |
Subordinated notes payable, net | 49,914 | 19,858 |
Accrued interest payable | 635 | 346 |
Fair Value [Member] | Level 3 [Member] | ||
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Long term certificate of deposit | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Equity securities | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Net loans receivable | 1,111,570 | 1,081,669 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Subordinated notes payable, net | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||||
Dilutive securities or contracts outstanding (in shares) | 0 | 0 | 0 | 0 |
Anti-dilutive securities or contracts outstanding (in shares) | 0 | 0 | 0 | 0 |
Net Income | $ 6,877 | $ 6,195 | $ 13,991 | $ 11,070 |
Weighted Average Shares - Basic (in shares) | 8,513,414 | 8,513,414 | 8,513,414 | 8,513,414 |
Weighted Average Shares - Diluted (in shares) | 8,513,414 | 8,513,414 | 8,513,414 | 8,513,414 |
Earnings per share - Basic (in dollars per share) | $ 0.81 | $ 0.73 | $ 1.64 | $ 1.30 |
Earnings per share - Diluted (in dollars per share) | $ 0.81 | $ 0.73 | $ 1.64 | $ 1.30 |
Dividends (Details)
Dividends (Details) - $ / shares | Oct. 20, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 |
Dividends [Abstract] | ||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.13 | $ 0.12 | $ 0.26 | $ 0.24 | ||
2022 Q1 Dividend [Member] | ||||||
Dividends [Abstract] | ||||||
Dividends payable, date declared | Oct. 20, 2021 | |||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.13 | |||||
Dividends payable, date of record | Nov. 15, 2021 | |||||
Dividends payable, date paid | Nov. 30, 2021 | |||||
2022 Annual Dividend [Member] | ||||||
Dividends [Abstract] | ||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.52 | |||||
Percentage of increase in cash dividend rate | 8.30% | |||||
2021 Annual Dividend [Member] | ||||||
Dividends [Abstract] | ||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.48 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | |
Defined Benefit Plan [Member] | |||||
Components of Net Periodic Pension Costs [Abstract] | |||||
Interest cost | $ 42 | $ 41 | $ 84 | $ 82 | |
Expected return on plan assets | (70) | (64) | (140) | (127) | |
Amortization of net loss | 32 | 52 | 64 | 104 | |
Net periodic pension cost | 4 | 29 | 8 | 59 | |
Supplemental Executive Retirement Plan [Member] | |||||
Components of Net Periodic Pension Costs [Abstract] | |||||
Net periodic pension cost | 329 | $ 270 | 643 | $ 526 | |
Postemployment benefits liability | $ 9,200 | $ 9,200 | $ 8,200 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - 2011 Phantom Stock Option and Long-term Incentive Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | |
Stock option activity, shares [Roll Forward] | |||||
Number of options outstanding, beginning of period (in shares) | 1,982,720 | 2,288,800 | 1,507,600 | 1,765,100 | |
Options Granted (in shares) | 0 | 0 | 475,120 | 523,700 | |
Options Forfeited (in shares) | 0 | 0 | 0 | 0 | |
Options Paid in Cash (in shares) | (476,200) | (583,200) | (476,200) | (583,200) | |
Number of options outstanding, end of period (in shares) | 1,506,520 | 1,705,600 | 1,506,520 | 1,705,600 | |
Stock option related information [Abstract] | |||||
Cash paid out on options vested | $ 3,054 | $ 3,107 | $ 3,054 | $ 3,107 | |
Compensation costs recognized | 1,067 | $ 972 | 1,877 | $ 1,607 | |
Total liability for the Plan | $ 3,800 | $ 3,800 | $ 5,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||||
Balance | $ 154,836 | $ 133,022 | $ 149,584 | $ 128,805 |
Other comprehensive loss before reclassification | (1,218) | (8) | (2,572) | (198) |
Total other comprehensive loss, net of taxes | (1,218) | (8) | (2,572) | (198) |
Balance | 159,983 | 138,736 | 159,983 | 138,736 |
Accumulated Other Comprehensive Loss [Member] | ||||
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||||
Balance | (2,515) | (618) | (1,161) | (428) |
Total other comprehensive loss, net of taxes | (1,218) | (8) | (2,572) | (198) |
Balance | (3,733) | (626) | (3,733) | (626) |
Unrealized Gain (Losses) on Securities Available-for-sale [Member] | ||||
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||||
Balance | (1,006) | 1,560 | 348 | 1,750 |
Other comprehensive loss before reclassification | (1,218) | (8) | (2,572) | (198) |
Total other comprehensive loss, net of taxes | (1,218) | (8) | (2,572) | (198) |
Balance | (2,224) | 1,552 | (2,224) | 1,552 |
Pension Benefits [Member] | ||||
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||||
Balance | (1,509) | (2,178) | (1,509) | (2,178) |
Other comprehensive loss before reclassification | 0 | 0 | 0 | 0 |
Total other comprehensive loss, net of taxes | 0 | 0 | 0 | 0 |
Balance | $ (1,509) | $ (2,178) | $ (1,509) | $ (2,178) |
Operating leases, Quantitative
Operating leases, Quantitative Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | |
Operating Lease Amounts [Abstract] | |||||
Right-of-use assets | $ 2,142 | $ 2,142 | $ 1,887 | ||
Lease liabilities | 2,195 | 2,195 | $ 1,921 | ||
Other Information [Abstract] | |||||
Operating outgoing cash flows from operating leases | 87 | $ 86 | 174 | $ 173 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 415 | 625 | 415 | 625 | |
Lease Costs [Abstract] | |||||
Operating lease cost | 81 | 81 | 161 | 161 | |
Variable lease cost | $ 10 | $ 10 | $ 20 | $ 20 |
Operating leases, Undiscounted
Operating leases, Undiscounted Cash Flows (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Undiscounted Cash Flows of Operating Lease Liabilities [Abstract] | ||
2022 | $ 357 | |
2023 | 366 | |
2024 | 377 | |
2025 | 369 | |
2026 | 340 | |
Thereafter | 543 | |
Total undiscounted cash flow | 2,352 | |
Less net present value adjustment | (157) | |
Lease Liability | $ 2,195 | $ 1,921 |
Weighted-average remaining lease term | 5 years 4 months 17 days | |
Weighted-average discount rate | 2.12% |
Subsequent events (Details)
Subsequent events (Details) - $ / shares | Jan. 19, 2022 | Oct. 20, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Dividends [Abstract] | ||||||
Common stock, dividends declared (in dollars per share) | $ 0.13 | $ 0.12 | $ 0.26 | $ 0.24 | ||
2022 Annual Dividend [Member] | ||||||
Dividends [Abstract] | ||||||
Common stock, dividends declared (in dollars per share) | $ 0.52 | |||||
Subsequent Event [Member] | 2022 Annual Dividend [Member] | ||||||
Dividends [Abstract] | ||||||
Common stock, dividends declared (in dollars per share) | $ 0.52 | |||||
Subsequent Event [Member] | 2022 Q2 Dividend [Member] | ||||||
Dividends [Abstract] | ||||||
Dividends payable, date declared | Jan. 19, 2022 | |||||
Common stock, dividends declared (in dollars per share) | $ 0.13 | |||||
Dividends payable, date of record | Feb. 15, 2022 | |||||
Dividends payable, date to be paid | Feb. 28, 2022 |